EC2 may be expensive, but if anything goes wrong, I can boot another instance in seconds and abandon the old one. They fix it on their own time.
Sure, I could buy more servers so that one down one doesn't affect me, but that's twice as expensive. On EC2 I don't have any penalty for abandoning an instance for any reason. I've actually moved data centers in EC2 when the performance profiles were better on the other side for the same size instances. It was a temporary difference, but migration was pretty much painless.
You're voxel suggestion may have a 2 hour SLA for replacing parts, but what happens when they don't know what is wrong?
That said, I agree that a person should try for the PaaS and evaluate all the options fairly. I tried Linode, several dedicated hosts, and then finally moved to EC2 on a previous project.