Amazon S3 provides scalable, durable object storage in the cloud. It offers a range of storage classes for different use cases such as general purpose storage, infrequently accessed data, and archival storage. Common uses of S3 include storing and distributing static web content, hosting static websites, storing data for analytics, and backup/archiving. While well-suited for many storage needs, S3 has limitations for file systems, structured data with querying, rapidly changing data, and dynamic websites.