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Anyone found out anything about prices? Would be great with something that competed with Google App engine.

You don't pay anything extra for Elastic Beanstalk (you pay for whatever underlying services you use - EC2/S3/SDB/RDS/SQS/SNS etc.)

Edit: paredit :)

Is it so that EB automatically provisions new services underneath it? Isn't that a bit of a risk?

Pay-by-use has always been a risk and people have been using the API + third party libs to automatically provision resources for some time now.

Nothing new here, except that they're squeezing Heroku and GAE now.