Their "Key Features": (1) Auto-Scaling, (2) Monitoring & Alerting, (3) Load Balancing. Ouch.
But you're right -- the opportunity to provide unique value is in harnessing EC2 for specific purposes and applications.
It appears to me that RightScale is positioning itself to be a market for cloud computing services. It will be interesting to see if they pull it off.
Also, from the description of the monitoring service (i.e. no agent required) it is likely the monitoring data is collected at the host not the guest OS. So there is probably no process monitoring it follows that application profiling and similar services will not be possible with the data.