Basically the new S&W barrel system is a non-customer removable version of the Dan Wesson barrel system.
Depending on the version of gun, the barrel is made of stainless steel, and the shroud is stainless.
I assume there are also versions made with a titanium or aluminum shroud, but the barrel will always be steel.
The actual design is a rifled, tube-like barrel with a smooth faced flange on the front.
The shroud has a "key" on it that slips upward into a key-way on the front of the frame.
This key system aligns the shroud with the front sight at 12:00, and prevents it from turning.
The barrel slides down the shroud and the flange butting against a shoulder in the shroud locks everything in place.
From the front you see a smooth barrel muzzle in the end of the shroud.
The advantages of the system are primarily:
S&W can hold the price of the gun down. Instead of making many different barrels from forgings, S&W can make shrouds from extrusions or castings for individual models, and make long sections of barrels for use on all models.
Accuracy will likely be enhanced due to the tensioned barrel mounting system, in much the same way that Dan Wesson's often shoot better.
To the owner, there is no real difference between the old and new barrel systems.
There is a strong possibility, if not probability S&W or an after-market maker will offer interchangeable barrels like that offered by Dan Wesson.
The potential is there, needing only some method of unscrewing the barrel.
A simple method would be to modify the stock barrel by cutting screw-like slots on the front of the shroud, and making up a simple wrench that would grip the slots.
The disadvantage:
The only real disadvantage is for a owner wanting a barrel change.
Until pistolsmiths get up to speed on the new system, it's going to be harder to find a 'smith who can do barrel work.
The new barrel system requires a special barrel wrench to remove the barrel.
The new system uses a barrel "wrench" that fits down the bore, and actually grips the rifling to allow unscrewing it or screwing it in.
There is a potential for damaging the barrel if an improper, or home-made wrench is used.
Until pistolsmith's can obtain a PROPER wrench for the new barrels, S&W is going to be the only source for barrel work.
Bottom line is, it ain't the old barrel system and some people don't like it for no other reason than that, but as far as I can see, it's going to be a "wash" as far as the owner is concerned, with the potential of possibly better accuracy.