http://news.ycombinator.com/item?id=943046
We run all of reddit on ec2, which includes a bunch of postgres servers. Each one is running with a single EBS. However, I’ve heard horror stories of people trying to run much less busy databases and having lots of problems, usually with MySQL.
Those databases are all on XLarge instances, so there is minimal sharing, and we’ve also gone to great lengths to make sure all of our normal queries are in indexes, so the disk gets hit less.
We also have a read slave for every database to alleviate read loads.
One thing you might want to do is run ‘iostat -xtc’ on your current box and put that in a log file. Then go back and analyze it and see what your average and peak reads and writes are. Amazon’s max for a single EBS appears to be about 1000 ops / second (at least, that is what we were doing when they told us we maxed out the performance of the disk).
Good luck!
Edit: I forgot to mention that on all the database disks, we use ext2 and noatime. Both decrease the total number of writes necessary, and have very little downside (the biggest being that you have to fsck on a crash).