Your numbers are wrong, $0.14/GB is only for storage. The thing that will most likely bite you depending on what kind of site you are hosting is the $0.15/GB outbound transfers.
But yes it will still be cheap for most static sites like a jekyll blog or something, if you ever reach more than 130 GB of outbound transfer you have just reached the cost of an entry level linode with transfer of 200gb included.
Ruby Ring  offers an unlimited VPS for $2.49! I'm a flat-fee junkie, and although I hope I some day have the prospect of actual overuse, I love the peace of mind associated with flat fees.
Just for the curious, yes, you do get quite a few interruptions in your service, but the staff is pretty good about it, and it's a reasonable thing to expect given the conditions. Certainly it is OK just for learning, which is my case.