Although I've just started using AWS Lambda and think it's a cool technology to use, I can understand your points.

2) Logging is indeed painful! You definitely need a separate tool/system for that. I have created a small CLI tool to view logs of multiple Lambdas which have been deployed using a CloudFormation template: https://github.com/seeebiii/lambdalogs This does not replace a good external system, but it can help for small searches in the logs.

4) Yes, this takes a lot. Though I'm not using the Serverless framework, deploying the code using CloudFormation takes me about 2:30 minutes (with a project using Java Lambdas), because CF is doing lots of checks in the background. I also wrote a tool for this to decrease the waiting time and just update the JS/Java code instead of the whole stack: https://github.com/seeebiii/lambda-updater

Hope this helps you or someone else a bit!