I agree, a remarkable take-away for us was how dramatically our i7s excelled over the EC2 instances. Admittedly, those were EC2 Large and not Extra Large instances.
A previous draft of this blog entry had a long-winded analysis of hosting costs--discussing the balance between ease and peace-of-mind provided by something like AWS versus the raw performance of owned hardware--but we elected to remove that since it wasn't really the point of the exercise.