I haven't heard of people doing this for a few years, so I think PIOPS must have really improved things. But I agree, it sure is expensive! So I'm curious if anyone is still taking the instance storage approach to get more consistent disk performance.
The reason this works is because IOPS are provisioned per EBS drive and by the size of the drive. So a RAID0 stripe of, say, ten General SSD drives will outperform the more expensive PIOPS single drive.
So just provision a 1TB volume or so, and garner the standard iops throughput that comes as a result of the volume size right? I will give that a shot. Looks like you are hitting 1k+ on read and write easy. That is pretty impressive and plenty for us.
This is a relatively recent change (last year?), it used to cap out at 3k iops rather than 10k. The only real reason to go for provisioned iops now is if you need > 10k iops per volume.