Core concept
Fields: AMI, instance type, key pair, security groups, user data, IAM role, tags. Versioned — reference specific version.
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How it works
ASG can reference version + LT. Change LT version → new instances use new config. Old instances unaffected until replaced.
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Trade-offs + gotchas
Everywhere. Deprecate LCs. Enables mixed instance policies (multiple types in one ASG for spot diversity).