I highly recommend converting it to an EBS AMI. I have 4 of them
I made. 32 bit, 64 bit, bare bones, yum updated plus dev tools.
Agreed, EBS is much easier to work with if you want a "traditional"
VPS type server.
I converted to an EBS AMI via these instructions:
Takes about 10 minutes each.
If you use the command line EC2 tools from Amazon you'll run into a
few snags during install, I've documented getting them running on