[jamiesonbecker]

That's true, and also you can use all of those (Cloudfront, analytics, API gateway, etc) with EC2 instead if you prefer. API gateway has its own (strengths and) weaknesses compared to a probably more mature server-based API platform. (and don't forget about things like Elastic Beanstalk.)

I'm not looking to put down Lambda, although it could maybe be a bit cheaper; we use EC2/ELB/ASG extensively with Userify but we might use Lambda for eventing-based services in the future. Evaluating each on its own merits will probably give you the best picture of what's right for your project and team.