Wow. This is a massive price drop from the I2 instances... so massive that I question whether I'm reading it correctly:
i2.xlarge: 4 vCPU / 14 ECU, 30.5 GB RAM, 1 x 800 SSD, $0.853 per Hour
i3.xlarge: 4 vCPU / 13 ECU, 30.5 GB RAM, 1 x 950 SSD, $0.312 per Hour
Slightly less CPU, slightly more SSD, 63% cheaper. Or for another comparison: r3.xlarge: 4 vCPU / 13 ECU, 30.5 GB RAM, 1 x 80 SSD, $0.333 per Hour
r3, unlike i2, is listed as "current generation", but also seems strictly worse than i3.