We did this at my last job.
In short, it sucked.
More descriptive: It really sucked!
The boss didn't want to manage servers in house to save costs. So as a developer, we had to show up every day, boot our cloud instance up, sync the latest code to that instance, and begin development. Then before going home, you needed check in your code, shut down the instance, and go home.
Doesn't sound so bad, except for the time you had to waste EVERY DAY logging into AWS, booting the EC2 instance, restoring the RDS instance, syncing the code, doing basic readiness tests BEFORE you could even begin working.
Then there was always the fun part of the dev team leader changing out which RDS instance you needed to use, and forgetting to tell you about it.
Not to mention the time you (the developer) had to waste every day shutting down (syncing / checking in code, creating snapshots, closing RDS instances down, etc, etc, etc).
Then there is always the fun times when the cloud was down (yes, it DOES happen people!) or the internet connection was down (ISP issue, internal LAN issues, etc)... All of the time wasted managing the cloud instances (starting up, shutting down each day) could of been spent actually fixing things, and writing code, but I guess that wasn't cost effective enough for them.