I can't express how much I love hetzner doing this. There is a huge market for people who just need some instances and reliable/cheap object storage to run their apps.
I also didn't want to spend energy decoding the price model.... I think it's going to be cheaper than s3 though. Hetzner doesn't charge for bandwidth for example.
They charge 1 euro/TB for bandwidth with this product. That really makes it near useless for various obvious applications. All their other server products have unlimited free bandwidth within the Hetzner network. For some reason, S3 providers like to charge for internal traffic and that means Hetzner's other storage products look a lot better than S3.
There will also be an interesting incentive conflict if Nextcloud adds an S3 module sometime.
Hmm that's not great. I really expected bandwidth to be free. But I understand hetzner wants to profit too, and I rather give it to them than to Amazon.