The S:FS bit works the same in Logix the way the S:1/15 First Pass bit works in SLC-500. It is only true the first program scan after the controller transitions to RUN mode, either from powerup, keyswitch, or RSLogix control.
S:FS is one of the few "pre-defined status tags" in Logix; Everything else is accessed with GSV instructions.
I have only used the S:FS bit in the Continuous Task of a Logix controller; I'm not sure if it works the same for the first execution of a program in a Periodic Task.
Science Project, anyone ?