Absolute control over security and cloud deployments are in my opinion two things that don't mix very well.
Regarding the security of traffic between the ELB and the EC2 instances, you should probably deploy your resources in a VPC in order to add a new layer of isolation. AWS doesn't offer any security guarantees.
If the data transferred is too sensitive, you might also want to look at deploying in a dedicated data-center where you can have greater control over the networking aspects. Also, you might want to look at single-tenant instances on EC2, since you're probably sharing your physical resources with other EC2 customers.
That being said, there's one aspect that you also should take into account: SSL termination is quite an expensive job, so terminating SSL at the ELB level will allow your backend instances to focus resources on actually fulfilling the requests, but this will also impact the ELB (it will automatically scale, but it will have to do it faster, and you might see increased latency as it does so during spikes of traffic).