It appears that EC2Config on the Amazon-provided AMIs now supports "User Data Scripts" as of the 11-April-2012 updates.
The documentation has not yet been updated, so it's hard to tell if it supports PowerShell or just cmd.exe scripts. I've posted a question on the AWS forums to try and get some more detail, and will update here when I learn more.
UPDATE: It looks like cmd.exe batch syntax is supported, which can in turn invoke PowerShell. There's a new version of the EC2Config documentation included on the AMI. Quoting from it:
[EC2Config] will read in the user data specified for the instance and then check if it contain the tags <script>
and </script>
. If it finds both then it will take the information between those two tags and save it to a batch file located in the Settings folder of this application. It will then execute the batch file during the start of an instance.
The batch file will only be created and executed on the first launch of an instance after a sysprep. If you want to have the batch file created and executed again set the Ec2HandleUserdata plugin state to Enabled.
UPDATE 2: My interpretation is confirmed by Shon from the AWS Team
UPDATE 3: And as of the May-2012 AMIs, PowerShell is supported using the <powershell/>
tag.