The i3.4xlarge pairs 16 vCPU with 122 GiB of RAM, the 7.63 GiB-per-vCPU ratio that marks a storage-optimized instance. In the name, "i" is I/O, meaning local storage, "3" is the generation and "4xlarge" is the size within the i3 family. It runs on Intel Xeon E5-2686 v4 (Broadwell) at 2.3 GHz, and AWS introduced it in November 2016. AWS has since shipped i4i, i7i and i8g; i4i.4xlarge is the direct replacement at this size, scoring 269,270 CoreMark/s against this instance's 208,832 — roughly 29% more throughput for the same vCPU count. mh.vs1.2xlarge on Rackspace Spot lines up one-for-one: 16 vCPU and 128 GiB, $1.25/hr on AWS in US East (N. Virginia), from $0.021/hr on Rackspace Spot.
Match qualityNo local disk
i3.4xlarge comes with 2 × 1,900 GB NVMe 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.