Sony Ericsson Xperia Arc — Difference between the Xperia Arc and Xperia Arc S?

Can anyone tell me the difference between these two phones? Is it just a design thing? Is the CPU faster? And what is this about 3D panoramic shots?

The Xperia Arc S will be technically-wise better. It has a 1.4 GHz processor and will be more slim than the Xperia Arc.

Here is an article on the Xperia Arc S.

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It also just might be a bit more update friendly. Some phones that was updated in the past to a newer version of Android, didn't cope well. I think though that the "old" Arc will do Android 4 just fine.