As the title it's self suggests. Yes, it's a boon. It has helped world's many of the startups to focus on business logic and other business related concepts rather then worrying about running their servers.
Best part of the aws ec2 is the pay as you go model.
No up front charges. No agreement or contract procedural. All it takes is a valid credit card to get started with the aws.
EC2 is hosted across 7 regions across the globe.
Regions are us-west, us-east, ap-southeast, tokyo, European regions and Australian regions.
EC2 comes with other amazing add ons. Like Elastic Load balancer, VPC(virtual private cloud), EBS Volumes(Persistent hard drives), Elastic IP's(Public IP's),Security Group(User can configure which port to open and allow inbound and out bound traffic),Snapshots and Amazon Machine Image.
Allows user to choose different variety of OS. From Linux OS to Windows OS.
Allows to choose the kind of machine like micro,small,medium large and xlarge.
Allows to choose, graphics intensive, cpu intensive and memory intensive instances.