Earlier quoted context omitted.
EBS-RAID0 is much faster for reads than local. Local is faster for writes.
this seems to contradict several comments here. "citation needed".
Transferring 100gb+ of data on EBS (even with an 8x RAID) is a nightmare. Ephemeral drives, however, it's fairly fast.
Throw 100+ database connections at a few ephemeral drives (even in a RAID) and watch your web site slow to a crawl.