Core concept
Environments (dev, prod). Configuration files (.ebextensions). Blue-green + rolling deploys built in.
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How it works
Wraps EC2/ELB/ASG — you get access. Less magic than serverless but more automation than raw EC2.
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Trade-offs + gotchas
Small teams. Getting started fast. Traditional multi-tier web apps. Not for complex microservices (use ECS/EKS instead).