I have a huge pile composting. It makes "okay" mulch to cover areas if you want, it'll break down eventually.

It gives "fluff" to dirt i you turn it in good. If you have clay heavy soil it'll enrich it. The ammonia isn't a real issue so far in my experience. Once it's set in a pile the ammonia seems to break down. The waste DOES smell though, but considering that a compost pile never smells nice while composting, it's not an issue. I would burn it, but usually it's a little too damp to burn well overall.