The c1.medium is a compute-optimized AWS EC2 instance: 2 vCPU and 1.7 GiB of memory, 0.85 GiB per vCPU. In the name, "c" stands for compute, "1" is the generation and "medium" is the size within the c1 family. It runs on Intel Xeon Family at 1.8 GHz, and AWS introduced it in May 2008. AWS has since shipped c3, c4, c5 and c6i; c6g.medium is the direct replacement at this size. Rackspace Spot's ch.vs1.medium is a like-for-like substitute at 2 vCPU and 4 GiB, $0.130/hr on AWS in US East (N. Virginia), from $0.002/hr on Rackspace Spot.
Match qualityNo local disk
c1.medium comes with 1 × 350 GB HDD attached to the machine. Rackspace Spot nodes use network storage only, so that disk does not come with it.
If you were using the local disk as fast scratch space — temporary files, a local cache, an index — you will need a persistent volume or object storage instead, and both are slower to read. If it was just extra space you never depended on, nothing changes.