Windows Network Discovery actually opens a bunch of different inbound/outbound ports on the Windows Server instance. A (somewhat) outdated list is available in some scientific publications and books, e.g. [1]:
Inbound
■ Network Discovery (LLMNR-UDP-In) Creates an inbound rule to allow Link Local Multicast Name Resolution on UDP port 5355.
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Network Discovery (NB-Datagram-ln) Creates an inbound rule to allow NetBIOS Datagram transmission and reception on UDP port 138.
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Network Discovery (NB-Name-In) Creates an inbound rule to allow NetBIOS Name Resolution on UDP port 137.
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Network Discovery (Pub-WSD-In) Creates an inbound rule to discover devices via Function Discovery on UDP port 3702.
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Network Discovery (SSDP-In) Creates an inbound rule to allow use of the Simple Service Discovery Protocol on UDP port 1900.
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Network Discovery (UPnP-In) Creates an inbound rule to allow use of Universal Plug and Play on TCP port 2869.
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Network Discovery (WSD Events-In) Creates an inbound rule to allow WSDAPI Events via Function Discovery on TCP port 5357.
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Network Discovery (WSD EventsSecure-In) Creates an inbound rule to allow Secure WSDAPI Events via Function Discovery on TCP port 5358.
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Network Discovery (WSD-In) Creates an inbound rule to discover devices via Function Discovery on UDP port 3702.
Outbound
■ Network Discovery (LLMNR-TCP-Out) Creates an outbound rule to allow LLMNIL on TCP port 5355.
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Network Discovery (LLMNR-UDP-Out) Creates an outbound rule to allow LLMNR on UDP port 5355.
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Network Discovery (NB-Datagram-Out) Creates an outbound rule to allow NetBIOS Datagram transmission and reception on UDP port 138.
■
Network Discovery (NB-Name-Out) Creates an outbound rule to allow NetBIOS Name Resolution on UDP port 137.
■
Network Discovery (Pub WSD-Out) Creates an outbound rule to discover devices via Function Discovery on UDP port 3702.
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Network Discovery (SSDP-Out) Creates an outbound rule to allow use of the Simple Service Discovery Protocol on UDP port 1900.
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Network Discovery (UPnPHost-Out) Creates an outbound rule to allow the use of Universal Plug and Play over TCP (all ports).
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Network Discovery (UPnP-Out) Creates a second outbound rule to allow the use of Universal Plug and Play over TCP (all ports).
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Network Discovery (WSD Events-Out) Creates an outbound rule to allow WSDAPI Events via Function Discovery on TCP port 5357.
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Network Discovery (WSD EventsSecure-Out) Creates an outbound rule to allow for Secure WSDAPI Events via Function Discovery on TCP port 5358.
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Network Discovery (WSD-Out) Creates an outbound rule to discover devices via Function Discovery on UDP port 3702.
If your security groups for the EC2 instance are set up correctly, there should probably be no real security implications. Inbound ports used by several network discovery features should be blocked by AWS Security Groups by default.
What I honestly do not know: Whether the Windows services create outbound traffic which makes the EC2 instance visible to other instances inside the same VPC subnet. That is definitely possible... Maybe there is someone reading this thread and knows this for sure??
Btw.: I found two discussions on the offical AWS forums. Maybe they are useful to someone reading this thead: [2][3].
References
[1] Google Books: How to Cheat at Microsoft Vista Administration
[2] https://forums.aws.amazon.com/thread.jspa?threadID=62760
[3] https://forums.aws.amazon.com/thread.jspa?threadID=110844