"you get very little control over the environment" also seems spurious. You get parameter groups to control just about everything you can from a standalone mysql instance. logs or things that load from disk (LOAD DATA ...) are the only things you can't touch, but a small price to pay for automated backups, failover and scaling (both up AND down...)
In my opinion, you don't get enough control over the environment for what you're paying on a per hour basis. Automated backups? Great, they aren't that difficult to being with. Failover? Sure, within the same AZ, when you need to be doing it between datacenters. Scaling? I will grant that it scales up and down fast automagically.
