EBS sucks, but EBS+PIOPS is actually pretty great. We've gotten consistent performance well within the guarantees ever since the launch last year. Highly recommended.
On a side note - From a marketing perspective, Amazon probably should have launched PIOPS as a separate product from EBS. The idea that "EBS sucks" is pretty firmly entrenched, so EBS+PIOPS is fighting an uphill battle.
I haven't had reason to use it yet, but definitely a valid note. Thanks for the corrective note about EBS, and I'll be a little more cautious with my comments in the future (because I think your marketing note is completely valid).