About time...at $15/mo these are now a viable competitor to generic VPSes.
Edit 1: I mistakenly said that static IP was extra when it's not while in use.
Edit 2: Storage is also extra.
(The same applies with Tarsnap's $0.30/GB storage cost vs. fixed-plan backup pricing -- $10 for 50 GB sounds cheaper, but if people only use 5 GB of that on average, it turns out to be far more expensive.)
(($0.007 * 24 * 30)*12 + 54)/12 = $9.54 a month assuming you use it for the full year.
Edit: Also, as mentioned by _delirium, Linux instances are also $0.02 an hour. I did the Linux calculation but the same one with Windows goes at $0.012 per hour.