A model proposed in 2004 using the non-Abelian discrete symmetry S3 for understanding the flavor structure of quarks and leptons is updated, with special focus on the quark and scalar sectors. We show how the approximate residual symmetries of this model explain both the pattern of the quark mixing matrix and why the recently observed particle of 126 GeV at the Large Hadron Collider is so much like the one Higgs boson of the Standard Model. We identify the strongest phenomenological bounds on the scalar masses of this model, and predict a possibly observable decay b -> s tau- mu+, but not b -> s tau+ mu-.
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