Werner Vogels seems to disagree: https://twitter.com/Werner/status/25137574680
Tweeted Sep 21, 2010, might still be true for EC2 VMs though.
There's the 't' series of instances that offer burstable CPU. AFAIK still 1:1 on memory though, and there's models that allow you to pay to stay un-throttled when using t family instances vs. getting throttled when out of burst credits.
Chances are you are using systems that do this and you haven't even noticed.