What Does EC2 Stand For: EC2 refers to Elastic Compute Cloud, a web service built on cloud computing that facilitates a virtual instance of the machine on the cloud to host, wherein users can install and execute the software and apps of their choice.
The Power of S3: The Simple Storage Service or S3 by Amazon is used to store on the cloud and at the relative way the EC2 is used to compute on the cloud. Both are inter related in some or the other way. The user interface provided by Amazon is powerful, feature rich, and easy to configure your computing power and your virtual instance configuration without any hassle. The panel allows you to gain complete access, and superb control over the resources.
What's Special About EC2: EC2 minimizes the time required to attain and boot into fresh server instances in and to minutes. This allows you to scale into the capacities very quickly in both upward and downward flows as the requirement for computing power of the user changes. The very customer attracting service that Amazon is giving, states that the user is required to pay only for those computing capacities, which the user is 'actually using'!
The developers have the facility of scaling, in order to meet the requirements of traffic surges, due to the 'Elastic nature' of this service. In case of traditional hosting, the space is static, whereas in case of Amazon's EC2 cloud, there is a flexibility of assigning and removing the resources according to the needs.
Furthermore, the Amazon cloud computing pricing is fairly reasonable, looking at most of the packages, not to mention the facilities on the offer.