I'm very happy where I am now, but I'm interested in learning more about Amazon's offerings and moving my blog over would probably be a good first step.
Amazon EC2 Micro instances have very poor performance - sure they have 1.7GB Memory but they have shocking performance. Not worth the price for small websites/blogs.
A three year reserved instance would be significantly less than $60 per month. The upfront reserve price of $300 over 36 months comes out to $8.33/month. Throw in an approximate cost of $14/month for the use of the compute time, EBS, network traffic.
That brings your monthly cost to just under $23/month, for a grand total of nearly $830 over a 36 month period.
That's not to say they don't have their uses, but they will not handle much traffic unless its heavily cached (but then you only have so much memory).
If you have a blog that is static and uses external js components for things like comments (disqus), you could use it in conjunction with cloudfront to handle quite a bit more traffic. Most traffic would be routed via cloudfront. Admin panel would be handled on a subdomain.