Notice, I know this is an old question, I just want to confront some misconceptions about value, as I am doing this right now as a test.
Unlike what DavidB thinks, it will not cost millions - even if you run dedicated hosting equipment, it will be easy for you to be several thousand / month (BTDT, one of my clients works with an 8 node cluster of about $ 800 per month ) However, the maintenance headache you want to avoid and Cassandra on EC2 is much easier to handle.
You can easily run a significant cloud for production on EC2 for less than $ 1,000 per month, and you can have R&D clouds for less than $ 100 per month (I spend about $ 52 last month on 10 machine test clusters) . I highly recommend using TurnKey Linux to manage and provide your R&D farm, as their tools will allow you to transfer instances from your desktop to almost any virtual hosting platform in a few minutes (and vice versa). In addition, they have really poor integration with EC2.
For really serious traffic levels, Pintrest once stated that they spend between $ 15 and $ 50 / hour depending on the load on the server, autoscaling to meet traffic needs, see http://www.theregister.co.uk/2012/04/ 30 / inside_pinterest_virtual_data_center / for details
The real cost is to configure and manage your distributed Cassandra instance. Fortunately, NetFlix has just released a ton of management tools just for that. You can find them here: https://github.com/netflix - there are also a lot of interesting videos about using NetFlix AWS, in particular, moving material from Cassandra to S3 - see their blog here http://techblog.netflix.com /2012/12/videos-of-netflix-talks-at-aws-reinvent.html
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