A proof of concept, basically, but is working quite nicely so far, so I cannot complain.
Amazon has came up with the concept of "micro" EC2 instances for 2 cents an hour, this means that You can run your website 24/7 @ 24 * 30 * $0.02 = $14.40/month (give or take) which is indeed a bargain.
The restriction is CPU access and Memory, which is capped to 613Mb RAM and 2 cores (1 "dedicated" core and one "burst" with availability not guaranteed).
In any case, I am running MySQL, Python, Apache, web2py and the system has not even blinked, so happy so far.