I am guessing you are talking about Amazon EC2. EC2 is not your regular everyday cPanel host. It will let you create cloud instances which are like little VPSes. The instance is assigned an ip address, has its own ram, storage etc. All the options are expandable as needed (hence the cloud and elastic names). You can install a lot of different operating systems like centos on the instance and install web servers to run your website. If you want, you can also run full hosting control panels like cPanel or Plesk. I had to work with Amazon EC2 while working on one of my projects couple years ago. It is extremely reliable (even netflix uses it). But unless you make a lot from your website, i don't think it will be worth the costs. The cheapest instance you can get ends up being around $22~ a month (its billed in terms of hours) and if your website takes up a lot of bandwidth that is going to be extra. So to sum it up: Pros: Expandable, Reliable, Fast (depending on what kind of instance you get), Available Cons: High Cost, Not As Easy As Shared Hosting, Need to configure everything yourself (their support won't help you get your site up).. Unless you know absolutely what you are doing, i would recommend staying away from it.
Amazon can get complicated and is still pricey for most web hosting users. Overall there are many good web hosting providers who offer high quality and value added hosting for a very affordable price. Choose a company that offers a 45 day money back guarantee, one that has been in the industry for a good number of years and offers 24/7 support.
I've had a few on EC2 and it's good, but it's too expensive. Also it's pretty much a VPS so you have to be prepared to handle everything on your own.
Nope but, I don't think it is 1) worth it or 2) user friendly You would probably be better off with standard shared hosting