NetSuite will tell you FAM does CIP and it kind of does, but not in any way that's intuitive, makes sense, or is easy to deal with.
Weak CIP support and the fact it's not easy to add/adjust value in a straightforward way after the asset has already been created are the two biggest complaints I've seen on FAM.
If CIP is a tiny part of your Fixed Assets and/or you don't change asset values much, you might do fine with FAM. But if you heavily use CIP, you'll hate life if you try to do it in FAM.
I've seen people use amortization schedules like Paul said and it works fine. You don't have any canned FAM reporting though so you'd need to put that together yourself. And you also don't have any attributes you can track on a per-asset basis in that scenario. If that's not important to you, then that would probably work fine.