The m1.large is a general-purpose AWS EC2 instance: 2 vCPU and 7.5 GiB of memory, 3.75 GiB per vCPU. In the name, "m" is the general-purpose line, "1" is the generation and "large" is the size within the m1 family. It runs on Intel Xeon Family at 1.8 GHz, and AWS introduced it in October 2007. AWS has since shipped m2, m3, m4 and m5; m3.large is the direct replacement at this size, scoring 29,280 CoreMark/s against this instance's 24,570 — roughly 19% more throughput for the same vCPU count. The nearest Spot node is gp.vs1.large at 4 vCPU and 16 GiB — 2 more vCPU and 8.5 GiB more memory, about 94% below the US East (N. Virginia) on-demand rate.
Match qualityNo local disk
m1.large comes with 2 × 420 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.