I'm getting ready to move our posgresql databases to EC2 but I'm a little unclear on the best backup and recovery strategy. The original plan was to build an EBS backed server, set up WAL-E to handle WAL archiving and base backups to S3. I would take snapshots of the final production server volume to be used if the instance crashed. I also see that many people perform frequent snapshots of the EBS for recovery purposes.
What is the recommended strategy? Is there a reason to archive with WAL and perform scheduled EBS snapshots?