So the most commonly heard comment at Google Cloud Platform Live was: How will Amazon(s amzn) respond? It has a chance to do so Wednesday at its Amazon Summit in San Francisco, just up the street from the Google event.

The quick story out of Google(s goog)’s event Tuesday is it cut prices across most major services and all regions, for the moment robbing AWS of its low-cost provider championship. For example, Google standard storage is now $0.026 per GB, about a third of the price of Amazon S3, which comes in at $0.076 per GB.

There is some nuance here. Cloudyn ran the comparisons and found that when you look at Amazon M1.large three-year reserved instances (5 cents per hour/$61.28 per month) compared to Google’s N1-Standard-2 instances (14 cents per hour/$69.26 per month), Amazon is cheaper. But that discounted price is based on an upfront payment of $1,028. That pay-in-advance financial commitment is what sticks in the craw…