With Slicehost, I can get a 2GB server with 80GB of persistent storage and 800GB of bandwidth for $130. With EC2, 800GB of transfer would cost $136 alone, plus $72 for the server, plus around $35 for the disk space and I/O charges. $243 > $130 by a long shot.
I really want to like EC2, but it always seems expensive. Plus, I always feel that elastic IPs are not heartbeat which other Xen providers do work with.
Maybe AWS is better because there's an implicit agreement that there will always be bandwidth or storage as needed when one thinks that's more of a question mark with other providers? Maybe there's an implicit thing that if you need to, on very short notice, fire up 10-15 Extra Large instances, the capacity will be there while others might not have the hardware?
Maybe someone has more experiences with high volume sites on these services?