Has anybody experienced small scale scientific HPC using Amazon EC2?

I currently lack decent HPC support at my work, and for that, I am considering to use Amazon's EC2 services, possibly spot instance services.

For the work in my lab, I occasionally (perhaps a number of times a month) need to compute *typically independent) tasks on up to max. 100 nodes that run for a couple of days, typically using torque grid system/c++/matlab etc. I am wondering how costs / ease of use compare to buying and running a couple of 4/8core blades in the closet around the corner...

(And yes, I am aware of Amazon's budget calculator; however, I didn't find its answers very useful.)

http://aws.amazon.com/ec2/purchasing-options/spot-instances/spot-and-science/

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