It's good for pubsub but not for claim/ack workflow unless you do If-None-Match CAS semantics on a separate filesystem which, actually, yeah that's probably fine. Feels heavy on S3 ops. But! you do save on inter-AZ networking, the Warpstream hypothesis.
Claims kill this, IMO.
Unless you have a single "reader", you don't mind the delay, and don't worry about redoing a bunch of notifications after a crash (and so, can delay claims significantly), concurrency will kill this.