Will there be any limits on memory/execution time etc like with AWS Lambda?
In practice, though, a typical script probably uses much less than 1ms of CPU time per request and probably needs only a couple megs of RAM. Because we're applying limits on the level of a V8 Isolate, not on an OS process, the limits go a lot further.
Keep in mind that Cloudflare Workers are not intended to be a place where you do "bulk compute", but rather where you run little bits of code that benefit from being close to users.
Note that the 50ms is CPU time, not wall time. This is actually a pretty huge amount of time for handling one request.