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I thought the point is with the new announcement/EULA terms that a day was the minimum amount of time you could rent from Amazon for. I could have misunderstood of course.

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As far as I know, there's a minimum tenancy period of 24 hours, but after that it's like "standard" EC2 where you're billed per second.

I believe you rent a day to buy in, but that’s a day of CPU usage measured by clock time. So it expires based on your usage, not 24 hours later.

I thought the EC2 pricing model is, even when the instance is shut down, you continue paying, since it is still reserved.

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