We show that for almost every ergodic S-integer dynamical system the r
adius of convergence of the dynamical zeta function is no larger than
exp(-1/2 h(top)) < 1. In the arithmetic case almost every zeta functio
n is irrational. We conjecture that for almost every ergodic S-integer
dynamical system the radius of convergence of the zeta function is ex
actly exp(-h(top)) < 1 and the zeta function is irrational. In an impo
rtant geometric case (the S-integer systems corresponding to isometric
extensions of the full p-shift or, more generally, linear algebraic c
ellular automata on the full p-shift) we show that the conjecture hold
s with the possible exception of at most two primes p. Finally, we exp
licitly describe the structure of S-integer dynamical systems as isome
tric extensions of (quasi-)hyperbolic dynamical systems.