FWIW, our start-up began on AWS during early days, but finally due to cost constraints, migrated most of our servers to our own h/w setup. We had substantial number of servers of varying types on AWS (live servers, full hadoop cluseters etc..), on east and west regions, lots of EBS storage etc.., so not some trivial setup.

We really liked AWS, and the support we got for most of the times was good, but as we had 24x7 live traffic, even with reserved instances, the cost finally caught up to justify the move to our own hosting solution.

One thing that the made the migration easier for us was that from day 1, we decided to treat AWS as a co-location, hence we set things up with the usual open-source s/w stack (i.e. avoided proprietary Amazon solutions like dynamo, messaging solutions etc.. maybe just used S3 for offline archiving of logs. It was tempting to build on their components, but ended up building it ourselves.), including own own hadoop setup. When the time came, we could easily migrate things out.

Hope this gives some perspective. Still a fan of AWS, and if I were do another start-up, would follow the same script all over again.