Lowendbox has lots of cheap shared VPS providers. For small projects that's all you need.
Run iostat -c 1 and keep an eye on %steal column. IME these cheap VPS cannot be used for anything where response time is a factor. It's fine for static content if you put cloudflare CDN in front of it.
Low volume, low resource usage is definitely the best use case for these things. Yeah, you can get a bit more out of them with CDNs or maybe even just some caches.