I know you said you're a two man shop, but in this case it may make more sense to leverage other IaaS DB services instead of RDS.
Could you expand a bit maybe?
http://docs.aws.amazon.com/AmazonRDS/latest/UserGuide/USER_R...
"You must create a DB snapshot before you can restore a DB instance from one. When you restore the DB instance, you provide the name of the DB snapshot to restore from, and then provide a name for the new DB instance that is created from the restore. You cannot restore from a DB snapshot to an existing DB instance; a new DB instance is created when you restore."
In my opinion, you don't get enough control over the environment for what you're paying on a per hour basis. Automated backups? Great, they aren't that difficult to being with. Failover? Sure, within the same AZ, when you need to be doing it between datacenters. Scaling? I will grant that it scales up and down fast automagically.
We ended up going with Heroku's hosted Postgres solution. It costs the exact same we were spending w/ two High CPU instances w/ provisioned IOPS volumes. Now we get fully managed, same price, and all the features of Postgres.
We still host our full application on AWS, the only thing is that we have a managed database. While Postgres makes it easy to setup replication and what not, AWS hardware just sucks. It takes time to properly tune it.
The only thing I would complain about is the lack of a proxy or load balancer in front of their Multi-AZ setup. With any failover you are forced to have a downtime of 3-5 minutes while DNS propagates.
no experience or affiliation, though.
I've not used Heroku's Postgres stuff, so no idea what it offers beyond that