This free tier will be more than enough to host a website for the lab or set up a wiki or blog.
But the more interesting point is to try different things without any cost of failure, there are already enough system images (AMIs based on linux or Windows) can be just selected and run.
There are also AMI image for bioinformatics which include pre-installed software and library for biology science. The popular Galaxy system also has an AMI for those who want to run the service on their own. The Galaxy team also made a good tutorial for install it in the AWS.
It was mentioned this free offer might be stopped at any time, so be early to register.