The S470 was introduced as a more affordable version of the S540 with Japanese made pickups instead of IBZ/USA pickups, but did have all the standard features of an S model with a sleek mahogany body, maple neck and a Lo-Pro Edge tremolo. It essentially replaced the similar 450S. In 1994, the S470 was revised with a new set of pickups and the Lo TRS tremolo. A nearly identical model to this updated S470 was sold in Japan as the S370.