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Of course their are a lot of advantages to EC2 in that you can configure as you like, however 10gen will be very fixed into what you can do. Although they will, I'm sure, try to provide everything a website should need.
Of course, this only makes sense if the VM-based stuff is rare: otherwise the whole point of platform as a service is lost. But if 95% of your site is on the platform and a few misc things off it, that should be ok, especially if most tricky things such as scalability have been handled for you. And for many sites *everything* they need can be done on the platform.
To give a concrete example, let's suppose you need to run Acrobat Distiller to generate PDFs, and your platform doesn't support that. You could run that on a separate server on the internet and farm those jobs out to it.
It will be interesting to see how this evolves.