“ Elastic IP addresses allow you to mask instance or availability zone failures by programmatically remapping your public IP addresses to any instance associated with your account. Rather than waiting on a data technician to reconfigure or replace your host, or waiting for DNS to propagate to all of your customers, Amazon EC2 enables you to engineer around problems with your instance or software by programmatically remapping your Elastic IP address to a replacement instance.
Amazon Web Services Developer Connection : Feature Guide: Amazon EC2 Elastic IP Addresses