yes, the number and size of EC2 instances can be set by switches on the command line when you launch the job.
Do you get back info such as how long each instance took to do its job?
And since you pay per minute on EC2, you can either chose to have 10 instances calculate a minute or 1 instance for 10 minutes. Either way, you pay for 10 minutes of processing time.
p.s. simplified but probably somewhere in a reasonable ballpark
For fast iterative development this isn't an issue - you can re-use the job flow (the instances you spun up), so you can launch the job several times over the course of that hour.