IMHO, hell no.
- While puppetlabs-aws is a good start, it's still vastly lacking in feature support for AWS. There's a tremendous number of options that are flat-out not supported by puppetlabs-aws.
- Because puppetlabs-aws relies heavily on mutable tags which can contain non-unique values, there's a huge potential for ways to confuse the module.
- Because puppet is a state machine, and removing a resource from a manifest doesn't destroy it, it's much harder to prevent your AWS account from having unmanaged resources cluttering your environment and running up your bills.
I can see use cases for puppetlabs-aws, but I see it as more useful for augmenting cloudformation than as a replacement. Tweaking existing environments without requiring a stack update, modifying environments in ways that require more logic than CF allows. But as a replacement for CF? Certainly not in it's current state.
AAaaaaand as soon as I hit 'post', I realized you were talking about the CF module, about which I have no firsthand experience. I'm leaving my answer up because I think it's largely still relevant, but yeah... I may have to read a bit more about puppetlabs-cloudformation, which on the face of it, doesn't seem all that useful to me personally, but might be interesting.