this is rough estimate so take it for what its worth.
Funny enough the micro instance out preformed both the small & medium instances.
I ran Passmark Proformance Test 8.0 on each instance below.
Each was installed with Windows Server 2008 r2 basic config in Amazon's Virginia based data center.
AWS SIZE=======PASSMARK SCORE====SIMILAR SCORED CPU================
t1.micro=======963===============AMD Dual-Core Mobile ZM-80========
m1.small=======384.7=============Intel Celeron M 1.60GHz===========
m1.medium======961===============AMD Dual-Core Mobile ZM-80========
m1.large=======1249==============Intel Core2 Duo T6400 @ 2.00GHz===
m1.xlarge======3010==============AMD Phenom 2 X4 12000=============
m3.xlarge======3911==============Intel Xeon X5365 @ 3.00GHz========
m3.2xlarge=====6984==============Intel Xeon E3-1220 V2 @ 3.10GHz===
Currently the m3.2xlarge would cost about $7169 pr year for a reserved instance or $1578 pr month on an on-demand instance.
Most unmanaged dedicated hosting companies I've seen offer Intel Xeon E3-1200 setups for around $2000-2500 pr year.
In my opinion AWS is great for scalability but very costly for anything long-term.
As seems to be the case with any "cloud" based server systems.
------UPDATE
Here is a great tool for measuring cloud hosting benchmarks.. http://cloudharmony.com/benchmarks