The i2.4xlarge is a storage-optimized AWS EC2 instance: 16 vCPU and 122 GiB of memory, 7.63 GiB per vCPU. In the name, "i" is I/O, meaning local storage, "2" is the generation and "4xlarge" is the size within the i2 family. It runs on Intel Xeon E5-2670 v2 (Ivy Bridge) at 2.5 GHz, and AWS introduced it in December 2013. AWS has since shipped i3, i4i, i7i and i8g; i3.4xlarge is the direct replacement at this size. Rackspace Spot's mh.vs1.2xlarge is a like-for-like substitute at 16 vCPU and 128 GiB, $3.41/hr on AWS in US East (N. Virginia), from $0.021/hr on Rackspace Spot.
Match qualityNo local disk
i2.4xlarge comes with 4 × 800 GB SSD 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.