Virtual IP Address Fail-over in AWS is good for production?

We need to move a tomcat+mysql cluster to AWS. The cluster set up fail-over with virtual IP in DB layer and nginx layer. And they can't be replaced by ELB and RDS, because of aws limitation. I found below artificial in aws site: Leveraging Multiple IP Addresses for Virtual IP Address Fail-over in 6 Simple Steps

I want to know if it is good enough for product ? Anyone have experience to share