Yes exactly, the speed of throwing up pre-built AMIs is tons faster than building from scratch each time you launch.
However, we're probably going to make a deployment script (we use fabric) that builds the AMI from scratch. Then, when we need to update the AMI, we just update the fabric script and run it to make the new AMI. That way if we ever need to make AMI's in a different region, we can just run the fabric script in that region.