How is the 3 year reserved instance practical given Amazon tends to cut prices significantly in a 3 year span? I've seen 1 year terms make sense but never 3 year.
Talking with our account manager, he mentions that the 1-year term is what most people go for anyway - you won't get caught short with long-term price drops, and you have more flexibility when business demands change. Overprovisioned capacity is less painful when there's only 6 months left rather than 30 months...