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on Jan 21, 2014
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New EC2 M3 Instance Sizes and Lower Prices for S3 ...
According to the aws blog[1] you can now launch these instances from s3-backed AMIs. Its not clear if this still uses an ebs volume or if it can now use an instance volume.
[1]:
http://aws.typepad.com/aws/2014/01/aws-update-new-m3-feature...
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[1]: http://aws.typepad.com/aws/2014/01/aws-update-new-m3-feature...