Cloud is a good product. But it basically just resell AMZN ec2 instances and doesn't provide the simplicity of Heroku. I switched from EY to Opscode's Platform and it's both much cheaper and much more powerful.

edit: ok, I love engineyard and the people there. I'm really sorry to say that EY cloud is not actually a good product. I despise it. Probably the worst tool I've ever used to deploy rails.

While EngineYard is cloud Ruby hosting, they actually offer a very different product. Heroku is like "Accept a few limitations, never worry about anything," while EngineYard is like "Don't worry about ever writing Chef scripts again."

I deployed to both today.