While I can't claim that we logged CPU load while running these tests, I can say that I watched the output of top and iotop and that the CPU load was relatively light. It's also worth pointing out that Amazon describes the I/O performance of c1.xlarge instances as "high". We also considered using an hs1.8xlarge "High Storage" instance for these tests, but eventually decided that we were more interested in testing against conventional disks as opposed to SSDs.
