The main notion of DevPay is to act "on behalf of" a user, in order to outsource billing to Amazon while using the common AWS APIs. Once a user signs up to your service using DevPay you get a custom Access and Secret Key that's bound to this user and allows you to do all S3 actions while he's billed.
Unfortunately this hasn't been introduced for EC2 - they only allow Paid AMIs and no way to start these for your users without having their AWS credentials.