not on the top end.

   provider   name              cores     ram    $ / hour
   google     n1-standard-8-d   8         30GB   $1.16
   ec2        m2.2xlarge        4         34GB   $.9
   ec2        m2.4xlarge        8         64gb   $.8

so if you're ram constrained, it's not obvious that google is a win. Still, it's really nice to have serious competition to ec2. Hopefully amazon will be smart enough to mimic much of the ec2 api, not because it's pretty or nice, but because we have huge investments in it already.