We consolidated users into a bastion account, ran into annoyances with CFN, and have been using iamy ever since for change management across all our accounts (more of a writeup at https://99designs.com.au/tech-blog/blog/2015/10/26/aws-vault...)
I've found depending on how strict your change management policies are, IAM creds can collect cruft over time as people push new policies in ad-hoc. So iamy is handy for such a situation
- iamy can sync in both directions - pull and push IAM config. So you can easily pull down the ad-hoc changes
- In order to use CFN you need to have access, so there is a chicken-egg scenario if you want to manage ALL users in config
- iamy gives you a nice execution plan of aws cli commands, CFN can be opaque
And iamy does ignore any resource managed by CFN, so it works well as complimentary tool.