FWIW, I got a bunch of the S03 regulators, and they all appear to be defective.
They start out with an output like this, and the smoke starts as normal.
A few seconds after turning the smoke on, the waveform slowly, it ends up like this within 10-12 seconds. The smoke vanishes, and yes, I'm using the proper 8 ohm resistor and all the leads are tight, continuity through the wiring is perfect.
Since four of them do this, it's clearly not one defective unit.
As a note, all of these are clearly used, not a truly brand new one in the bunch.