Those are way cheaper compared to dedicated, but it depends on location and hosting company. What's good to know is where the nodes are located, which virtualization is used and if your hoster has backups of your vps in case something goes wrong
Total of how many VPS will be hosted along with your VPS on the node?
What is will be the configuration of node server (If they can share)
What is be the response time?
Do they provide reboot and console access of the server from your login?
There are Numerous draw backs of a VPS like You will not have root access . To purchase a VPS you need to consider some of the factors to be considered like: The amount of resources you will get with the VPS The number of cores of CPU getting with the plan Check if the Resources are Over Sold The Virtualization Technique used to build the VPS