Definite improvement over my old A80, but it's no dSLR, so the image sensor is still pretty small and a little underpowered for 8mp. Anything shot at 400iso or above is pretty shite (lots of noise), so it's a little limited on action photography.
I haven't experimented yet to see if turning the resolution down helps any - I doubt it's much better than just shrinking the image in post-production.
I have an S3 and love it, but agree with the shortcomings. Nice shot of the river, btw.
I'd actually consider your S3 to be a better camera overall, I think not running the sensor so hard eases up on the noise level a little. The only thing the S5 really has over it is the hotshoe, but who has $300 for an external flash!
Gonna take it out the desert this weekend, hopefully I'll be back with more shots.