Currently Codenamed X250, the S-Type gets a few of it's design characteristics (like the grille) from recent Jaguar concept cars (RD6 and R-Coupe). More noteably thought, Jaguar has finally given up on the quad headlamps and replaced them with a much more modern single unit (Which actually and unfortunately sorta look like the lights on the Hyundai Tiburon).
The new S-Type is said to continue using the current S-Type's engine choices while the new S-Type R will get the Jaguar XKR's 420 horsepower supercharged V8. A six-speed automatic will be standard across the entire model range. One can only hope this car can insure Jaguar's future.