All the downsides are basically opportunity costs typically associated with any type of upfront commitment model. I don't think avoiding RI or SP is a solution because you are basically back to square one - with all the flexibility of month-to-month rent at much higher operational cost.
Other optimization techniques are not necessarily mutually exclusive to RI/SP, but rather complementing it. For example in the case of Pinterest, they could (probably did) utilize spot instances during peak hours on top of the RI fleet. In doing so they would be able to enjoy the benefits of both: cost saving and flexibility.
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All the downsides are basically opportunity costs typically associated with any type of upfront commitment model. I don't think avoiding RI or SP is a solution because you are basically back to square one - with all the flexibility of month-to-month rent at much higher operational cost.
Other optimization techniques are not necessarily mutually exclusive to RI/SP, but rather complementing it. For example in the case of Pinterest, they could (probably did) utilize spot instances during peak hours on top of the RI fleet. In doing so they would be able to enjoy the benefits of both: cost saving and flexibility.