Is iPhone 3G "S" Slow or Small?

Is Apple really going in the footsteps of Microsoft by creating more and more version of essentially the same product? When seeing iPhone 3G S for the first time I immediately associated “S” with size Small.

These days no one considers a phone “smart” if it’s slow or doesn’t have support for 3G. So what does Apple exactly mean by saying iPhone 3G Speed? Where the previous versions slow?

How about calling it iPhone 4, 5, 6, … n.