AWS EC2 is nothing more of a linux server . to start executables listening 
on port 80 superuser permissions are needed, only "high ports" are allowed 
at "normal user" powers (that's why on production one usually deploys 
web2py BEHIND a real webserver).
Enough of that said, starting with 

python web2py.py -a mypwd

should print out exactly what prints out in any platform, which is 

web2py Web Framework
Created by Massimo Di Pierro, Copyright 2007-2015
Version x.x.x.......
Database drivers available: ................
blablabla

if that doesn't come out, it's hardly a web2py issue...check in another 
terminal with top (or htop) if the process is running or if there is 
anything else going on.

-- 
Resources:
- http://web2py.com
- http://web2py.com/book (Documentation)
- http://github.com/web2py/web2py (Source code)
- https://code.google.com/p/web2py/issues/list (Report Issues)
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