How is that your conclusion? If you set up proper monitoring, you'll be notified and able to turn things off by the time you've been cost $10. I would hardly call that catastrophic...
Of course, you then need to make sure your billing script successfully terminates any processes that are costing money.
I'd love to see AWS implement hard cost limits for services like this. e.g. specify you want to spend a maximum of $10/day, and once you reach that limit your service is temporarily suspended.