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For performance you could try the following link However people are still experiencing problems. I too did. You may find some help here Here is a relative performance on AWS- EC2 Hope that helps.
Yes, that should be enough if you don’t install poorly written plugins or themes. You should use PHP 5.5 and its built-in OPcache and a multisite setup for more sites. This will reduce load time and the resources you need for the sites.
I had the same problem (in a VPS). Tried almost everything (disable all plugins, repair the database, change theme, check logs) until thinking that it could be a server configuration error (indeed I posted it here). Seeing that it just happened for one of my sites (with WP), I guessed that it has to be a WP configuration error, so I checked again config.php ...
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