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It is (of course) an EBS backed instance; I would like to see what the impact of having increased CPU power would do for it. What's the easiest way?

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http://alestic.com/2011/02/ec2-change-type is the answer

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The biggest caveat to this is that an m1.small is a 32-bit machine whereas a t1.micro is a 64-bit machine. Unless you're running a 32-bit AMI on the micro, you won't be able to upgrade to m1.small. You'll have to skip up to the next level where 64-bit is again supported.

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