This is worth noting, a big push by Google to compete with Amazon EC2.
tl;dr 

GCE boot 4-10x faster.
Disk: GCE and EC2 are equivalent on reads, but GCE is 2-4x faster on writes.
Network throughput: AWS 15 Mbit/s, GCE 300Mbit/s.
Network latency:  20ms for GCE and 86ms for AWS.

i believe they are working on making GCE suck less for this year's I/O. in fact my man +Luke Hutchison  was working on that until mr. kurzweil lured him away.
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