ryanvm alerts us to Amazon's beta announcement this morning for what it is calling Spot Instances
, which represent a name-your-own-price way of using the elastic compute service. Here is Amazon's documentation
on the feature.
"For customers with flexibility in when their applications can run, Spot Instances can significantly lower their Amazon EC2 costs. Additionally, Spot Instances can provide access to large amounts of additional capacity for applications with urgent needs."
Customers can use the EC2 API to see recent spot prices.