The r3.4xlarge pairs 16 vCPU with 122 GiB of RAM, the 7.63 GiB-per-vCPU ratio that marks a memory-optimized instance. In the name, "r" stands for RAM, "3" is the generation and "4xlarge" is the size within the r3 family. It runs on Intel Xeon E5-2670 v2 (Ivy Bridge) at 2.5 GHz, and AWS introduced it in April 2014. AWS has since shipped r4, r5, r6i and r7i; r4.4xlarge is the direct replacement at this size. mh.vs1.2xlarge on Rackspace Spot lines up one-for-one: 16 vCPU and 128 GiB, $1.33/hr on AWS in US East (N. Virginia), from $0.021/hr on Rackspace Spot.
Match qualityNo local disk
r3.4xlarge comes with 1 × 320 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.