I have a general understanding of serverless architecture. I was wondering what are the top pro's and con's using this architecture compared to the previous generally used architectures.
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Pros
Invoke Lambda Functions only during event triggering
VS
keeping Instance(s) idle for a reasonable amount of time.Pay only for what you are going to use
VS
pay for the running idle instance.Easily Integrate with other popular AWS Services e.g API Gateway, S3, SNS, CloudTrail, etc.
IAM Policies are configurable to each lambda function.
Scalable depending on the rate of invocations.
Cons
Only 15 minutes with finite RAM is supported as of now ,so not for heavy and complex processing.
Only popular programming language support.
Conclusion
It depends on your use-case as to whether use lambda or not !

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Minot FYI : This answer is outdated (e.g. at the moment of writing this, lambda supports 15 minutes runtime) – nishantbhardwaj2002 Aug 24 '19 at 15:00