Hi Andrew,
AWS measure the speed of their virtual cores in EC2 Compute Units, with 1 Compute Unit being ~1.0 - 1.2GHz.
So CPU & RAM wise, I'd say the servers you're looking at would be close to the Extra Large Instances (m1.large).
Extra Large Instance
15 GB memory
8 EC2 Compute Units (4 virtual cores with 2 EC2 Compute Units each)
1,690 GB instance storage
64-bit platform
I/O Performance: High
API name: m1.xlarge
The RAID array could be a achieved using EBS volumes.
Although, the cloud is a little different to setting up in a DC.
In the DC, you buy to where you expect things to be. Ie. you buy the most expensive servers you can afford, so that it's a while before you need to grow again.
In the cloud, you grow your infrastructure as your needs grow. got a product launch coming up? great, fire up another couple of instances for a week or two.
Prior to this position I was at Monash Uni, where I built their nice shiny bioinformatics Xserve cluster (100x 8-core Xeons, 10G Myrinet)... it was fun, but there's a lot of headache involved in setting up in a DC.
Although, there's pros & cons to DC & AWS... AWS grows dynamically (the auto-scaling stuff is really cool!), but DC may work out better for HPC stuff (AWS have HPC nodes, but you could still have to shift large amounts of data over the line and you have to pay for bandwidth).
Personally, I'd recommend starting m1.small or t1.micro instances on AWS, and seeing how that goes.
If your app runs nicely on those, great, you've saved yourself a lot in expensive hardware, if not, try scaling up, until you find a spot where things run comfortably.
Then compare the costs of that to what it'd cost you to run in a DC (initial hardware, software, rent, maintenance, etc).
Also, I found some nice articles the other day from Involver (social marketing guys) on how they moved out of AWS with zero downtime (quite impressive) - there's a bit of info on some of the cons of EC2.
Hopefully that helps,
thanks,
mark
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Mark Bate
Wrestler of Crocodiles and Infrastructure
Mekentosj Inc.
twitter: @markbate