Well, my PD32 R5 has a smooth reflector and that tends to show the rings a little more. So the answer is probably yes on the S2 if it also has a smooth reflector. But you only notice it when white walling. Still I think the benefits outdo the negatives on the PD32. For me trying to find the perfect light has been a futile exercise the past 6 years of this hobby. I have a Balder SE-2 that has a beautiful beam pattern but its also less expensive than the PD32 and has less features. Seems no one makes exactly what I'm looking for.
Here is what I like about the PD32 that I can't find entirely in any other light.
1) 18650 capability
2) forward tactical switch
3) separate mode selecting switch
4) fairly small without being cheaply built (61 grams without battery)
5) decent low mode (OK, 9 lumens is low enough for me but it actually measures at 7 on mine)
6) good quality
7) well regulated
Wish it had:
1) OP reflector
2) tint not quite so cool but it's acceptable
3) XM-L LED