S-Log is a gamma curve that stretches blacks and compresses highlights so that you can manipulate the image extensively in post. It needs a high end codec (10 bit and moderate compression) due to the heavy post manipulation to be done in the grade. More details at
http://nofilmschool.com/2011/04/sony-f3-uncompressed-s-log-footage-hits/
Alister explains log curves on his blog at
http://www.xdcam-user.com/2011/01/understanding-gamma-cinegamma-hypergamma-and-s-log/