It's far from "rack and forget" once you've grow beyond 2 racks.
I have dealt with storage 'at scale' enough to require a full team of storage people.
Some guy clicking buttons on the Amazon website is usually not a very effective way of dealing with storage 'at scale'.
However I maintain that EBS has it's place in a wide range of applications where raw I/O performance isn't the main concern (e.g. archival).
It's far from "rack and forget" once you've grow beyond 2 racks.