RDS is not really a high availability system. Read the fine print in the RDS faq. During a failover event it can take up to 3 minutes to failover. Additional amazon will decide it needs to "upgrade" your rds instance and do a failover at that point which will take your database down for "up to 3 minutes" (our experience is that it can take a longer than that).
RDS high availability is very different than master - master or master - slave replication and is much slower. They don't use mysql replication but uses some kind of ebs replication. So in a failover situation it will mount the ebs on the backup machine, start mysql, wait for mysql to do failure recover (hopefully nothing got corrupted too bad), then do a dns switch.
I hope this helps you with you evaluation.
