Worth noting that it sounds like hs1.8xlarge is built on magnetic disks (24 2TB HDs - edit: originally put 1TB), each reading some 100MB/sec, yielding the theoretical max of 2.4GB/s in a RAID-0 configuration. No one actually uses disks in such a fashion, and gross throughput of magnetic drives has seldom been of much utility (hence the strong demand for SSDs. Random IO matches the vast majority of workloads more appropriately).
Just caveats. This doesn't look like a terribly interesting option.