Yes, when I was still in high school, I had set up a Munin graphing node on AWS. Well, what I didn't realize at the time was that Munin likes to use a lot of disk IO every time it writes out the graphs. AWS charges for I/O on their SAN (not on local disks, but the free tier doesn't come with local disks), and so I ended up with a $150 bill and only use them now for Route53 (DNS hosting, it is fantastic for that), and S3/Glacier for archival storage.
It is worth trying if just to gain knowledge on AWS. But for hosting, I'd say DigitalOcean
The newer EBS types don't charge per I/O operation. (Provisioned IOPS types charge for the speed you theoretically can do, but don't charge for the ops you do do.)
It is worth trying if just to gain knowledge on AWS. But for hosting, I'd say DigitalOcean