I was checking the pricing on the AWS page and noticed that for the us-east-1 region, the outgoing traffic is $ 0.09/GB and for transferring to Cloudfront is free. The pricing for delivering content from Cloudfront to US/EU is $ 0.085/GB. Are there any other fees (except request fees) than I am missing out, or is the transfer really cheaper?
There are also charges for number of requests. As far as serving out content goes (and for US East), in S3 it's $0.004 per 10,000 GET requests, while CloudFront is $0.0075 per 10,000 HTTP Requests and $0.0100 per 10,000 HTTPS Requests. The info is listed under the Request Pricing sections on the pages you linked.
So, yes, CloudFront is cheaper in terms of data transfer, but you pay a bit more for each request.