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[Phaëton]

http://www.webdigi.co.uk/blog/2009/run-php-on-the-google-app-engine/

So all you need to use the GAE and run PHP
1) Register a free account.
2) Download this file to your computer.
3) Edit application XML tag in the file war\WEB-INF\appengine-web.xml to the name of the application you have registered.
4) Finally upload your application. I downloaded Google App Engine SDK for Java and use the following command in windows.
appcfg.cmd update C:\projects\phpwithjava\war

I wish i had some time to install and do some benchmarks to see what kind of computing power
youd be getting for free..

[vibratingquickly]

Bandwidth(1 gig a day) and db storage wise, GAE's very generous. If you have a static site, there's probably nothing out there that could beat GAE's pricing($0 until you become really huge).
Problem is, you can't install libraries that are C extensions, so no curl, tidy, lxml etc and hence it's not the best for hosting scrapers. Heroku's slightly better in this regard but it supports only ruby.