Hetzner has an excellent reputation for rock-solid engineering and very good prices. While the cloud providers invested in innovation in software, they focused on optimizing the hardware and data center techniques and engineering (something very German, btw).
Now that Cloud is a pure commodity and companies are learning about how to be truly 'multi-cloud' they come out of nowhere with a very interesting proposal at incredible pricing.
Maybe I'm wrong, but it seems they have built the solution on top of opensource technologies like Ceph (100% sure) and OpenStack (not so sure...). OpenStack and Ceph have been around for 7 years, so they don't have to deal with their (sexy) immaturity of the early days. I miss some key features that premium cloud providers have, like a firewall (security groups), private networks (VPC or SDN style networks), and of course Windows. But the funny thing is that it fits perfectly with my multi-cloud approach, and we are going to test it and if it works, we will move our loads from the AWS Frankfurt region to them. And saving about 80%.
Nice move, Hetzner!