The risks you anticipate exist no matter what mechanism you use to "secure" anything on the web, if you aren't also using HTTPS to encrypt your users' interactions with the web site.
Without encryption, the login information, or perhaps cookies conveying the user's authentication state are also being sent in cleartext, and anything the user downloads can be directly captured without need for the signed link... making concern about capturing a download link via sniffing seem somewhat uninteresting compared to the more significant risk of general and overall insecurity that exists in such a setup.
On the other hand, if your site is using SSL, then when you deliver the signed URL to the user, there's a reasonable expectation that it will be hidden from snooping by the encryption... and, similarly, if the link to S3 also uses HTTPS, the SSL on that new connection is established before the browser transmits any information over the wire that would be discoverable by sniffing.
So, although it seems correct that there are potential security issues involved with this mechanism, I would suggest that a valid overall approach to security for user interactions should reduce the implications of any S3 signed URL-specific concerns down to a level comparable to any other mechanism allowing a browser to request a resource based on possession of a set of credentials.