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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.