It's fun to speculate about how other clouds do things :)
> There's absolutely no way that they would get the performance I'm seeing from an emulated disk. We're talking to real hardware, exposed via PCI passthrough.
There's a wide spectrum between "emulated" and "real hardware, exposed via PCI passthrough". Passing through to PCI hardware, in and of itself, gains you very little in terms of absolute guest-visible performance versus eliding all VMEXITs via other means, but it has other important characteristics that I suspect AWS very much wants in the c5 family.
> I would assume it's something like "NVME interface hardware" + "ARM CPU which implements the EBS protocol" + "25 GbE PHY", but that guess is based solely on "that's how I would design it".
I would expect something along these lines, although I'd be a little surprised if they bothered putting the NVMe bits down in silicon. My personal guess would be a good silicon DMA engine and PCIe interface married to sufficient general-purpose processing (ARM SoC, FPGA, etc.) to keep pace with the NVMe Command/Completion queues.
Regardless of how they've implemented it, the end-to-end result seems to hang together very nicely. Kudos to the team at AWS.
(note: I work on Google Compute Engine's hypervisor; my speculation about AWS really is speculation about how they'd do this — the two companies have very different engineering approaches, so I may be entirely wrong trying to project onto theirs — like I said at the top, it's fun to try :)