Yep, 05 S has new swingarm, radial mounted brakes, bodywork made from new and less weight material, a small increase in HP (does it??), and the racing kit which means half (i think) Termignoni exhaust system, ECU and carbon fiber silencer cover.
And, of course the new 05 front fairing and red frame.
I think the 05 is a big overall improvment over the 04.