After more driving in S mode, I have a better grasp of the differences.
Contray to what I suggested before, I am sure the mpg would be worse in S mode, even driven with a light foot to perform the same as D mode. The revs are higher at all speeds including cruising at 70-80.
However the car is so much more responsive and lively, even without silly revs, and mostly without going over the 3500 rpm where the variable valves come into play.
In D mode my 2011 GE 1.4 feels sluggish compared to my wife's 2008 GD 1.4 in D mode, so there are differences GD to GE in the gearing I think. Or maybe because my GD has done 9000 miles and wife' GE has done 33,000.
D mode feels like a special limited economy mode, while S mode is the unlimited natural power mode.
I am thinking that one way of driving my GE might be to use S mode as the norm/town driving, and treat the D mode like I would have done overdrive in the olden days.
Obviously for pure economy D mode all the time wins.
I will experiment more.
PS Reading the above, I sound like boy-racer, but actually I retired over ten years ago!