There were only a few instance types, and they were all slow and small (by todays standards). Everyone's EC2 instances were mostly publicly pingable/ssh-able from the internet. EBS was horribly horribly slow (our DBAs set up a super convoluted RAID 0+1 configuration for our MySQL databases and even then we needed massive sharding to keep up with growth). EC2 instances were, in general, very unreliable (I recall something like 1 in 500 instances failing _per week_), and especially so in the leadup to Christmas (where the rumor was AWS kept the best instances for themselves).
This is pretty much the first time I've heard of AWS really deprecating something, so I have a feeling it will _hugely_ simplify things on their end. From reading the post I also get the idea that it won't be _that_ hard of an operation from their side. I bet few people (by AWS standards) are still using EC2 classic heavily.