Curious as to 99.95% uptime REALLY means; Is it really going to go down 7 minutes a month? Please post your longest/average uptimes on EC2, thanks.
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Usually uptime is calculated in a yearly basis. So if you have a Service Level Agreement for 99.95% this means:
If during a year of service there is an outage and your system is down for more than that, then you are liable for compensation.
As of your question, I have a server running unstopped in EC2 for about 3 months now. I would say that their uptime is good, but if you have a mission critical application you definitely need to have a fail-over solution. A good uptime only means that they will be able to respond to an outage quickly. Even a 99.9999% uptime won’t be able to save you if you aren’t prepared for an outage.