It is; I just spent the last two weeks putting together a very handsome CloudFormation template that can attest to that. I'm almost considering creating a custom CF resource provider to let me spawn DigitalOcean droplets, though.
(And to let me use CloudFlare CDN distributions instead of CloudFront ones. Amazon need to either finish CloudFront, or kill it; this purgatorial state where it works but it takes 30 minutes to make any changes, and where only half of its APIs are exposed in the SDK libraries, is obnoxious.)
I love CloudFormation, but, unfortunately, it's much neglected, doesn't support latest features, and is completely missing major services. The language is so primitive, I had to write custom extensions that compiles to their format. Another rarely used, but very power service is SWF - I bet CF is built entirely on top of it.
(And to let me use CloudFlare CDN distributions instead of CloudFront ones. Amazon need to either finish CloudFront, or kill it; this purgatorial state where it works but it takes 30 minutes to make any changes, and where only half of its APIs are exposed in the SDK libraries, is obnoxious.)