If you care about WAL write/commit latency, you could provision a small-ish EBS io2 Block Express device (with provisioned IOPS) just for your WAL files and the rest of your data can still reside on cheaper EBS storage. And you might not even need to hugely overprovision your WAL device IOPS (as databases can batch commit writes for multiple transactions).
But the main point is that once your WAL files are on a completely separate blockdevice from all the other datafile I/O, they won't suffer from various read & write IO bursts that can happen during regular database activity. On Oracle databases, I put controlfiles to these separate devices too, as they are on the critical path during redo log switches...