A little bit of both I guess? It's become standard enough that most web developers (at least most I know) have an account and use it for a few things here and there, it's dirt cheap and widely available, and it's just text files we're storing, so nothing more heavy weight is needed. It does also offer versioning, which I believe we may add a feature to take advantage of for rolling back configuration changes in a coherent way if something goes wrong or to recreate a problem locally on a certain date, but don't think we've started even planning that yet (pull requests welcome!)
shameless plug, speaking of S3, I created a DSL for Amazon S3 (using s3cmd, because it is intended for my rake tasks) - http://jjuliano.github.io/s3cmd-dsl
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[ 5.9 ms ] story [ 48.9 ms ] threadAmazon OpsWorks manages configuration centrally via a web-based command and control.
Heroku manages configuration centrally via environment and heroku config:add.
ClusterFsck (did I type that right? :)) lets me store things on S3, centrally.