That's actually pretty big apples and oranges, not including the difference between a relatively static VM and on-demand instances (GCE, EC2).

It's OpenVZ, not KVM so you're getting a container, not a VM. That might be better for some people, or make no difference, but it's a important distinction. You're stuck with the host's kernel. This can make distro choice/upgrade interesting. RAM overcommit on the host side is easier, etc.

You aren't buying 50GB of SSD storage. You're buying 50GB of RAID10 spinning disk with SSD cache.

No mention if 1Gbps uplink is the host's uplink or if you get 1Gbps uplink out of a link bundle on the server. Given the other things, I'd suspect host has 1 or 2 GigE connections that you're sharing. That could be a big deal if one VM can saturate a significant portion of the server's network capacity.

I'm sure it's fine for a normal blog, secondary DNS server, or something like that but once you go below ~$5/mo on low-end VM/container hosting there tend to be gotchas.