The submission's title is somewhat misleading, it's $300 in credit to use for 60 days. Comparing to other IaaS trials this is better than Azure[1], the same amount but less time as vCloud Air[2], and difficult to compare directly with AWS[3].
If you apply to BizSpark and are accepted then you get up to $150/month Azure credit for 3 years. Amazing deal, and it induced me to become a Microsoft customer (I bought a Windows 8.1 laptop, subscribed to Office 365). Seriously, if you have a business idea that you want to develop apply to BizSpark. They have good support for Linux VPSs as well as useful APIs.
[N.B. I work on vCloud Air]
[1] http://azure.microsoft.com/en-us/pricing/free-trial/
[2] http://vcloud.vmware.com/service-offering/special-offer
[3] http://aws.amazon.com/cloudsearch/free-trial/