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It's more like extra 0.9-1.0 compute, since the prices aren't exactly equal. So that's indeed 50% more compute compared to Amazon, just like they said at the keynote.

You should try comparing cloud computing services with http://www.cloudorado.com/ . It calculates price for specified resources from multiple providers. And for CPU comparison based on the same benchmark across all providers, so it is using the same unit.

My guess is that an GCEU is about the same a single core 1.5ghz proc. Slightly more than amazon.