My take is that the 4S is the "reference" version and that the 4P was inrroduced later for portable applications because they could be driven without amplifiers, for use with PCDPs and MP3 players primarily, both of which have lower power outputs to either the line out (if it exists for that player) or headphone out. In order to achieve this, Etymotics reduced the impedance.
I have the 4P and for portable use when I don't want to schlep around a portable amp, it's fine. At home, I add the 4S adaptor, turn up the gain a bit and listen to a better quality sound from the 4S. the 4S exhibits more extension of both the treble and bass with more detail....largely due to the higher gain setting of the source.
Other headphones might be improved by the added resistance in the line as well. Certainly, certain sources are so helped as the added gain raises the signal level above the noise floor. For example, with my Nex II MP3 player, there is some hiss, which disappears when I used a heaphone with higher impedance or the 4S adaptor.
My $.002 and I'm now officially off the soapbox.