Hey LHT,
I currently use BuyVM's offloaded MySQL service which has been great, but I recently ran into a problem installing Xenforo using their offloaded database, and ran into a ton of errors related to mysql queries and a failed install. I just setup MySQL 5 on the vps and Xenforo then installed without a hitch.
BuyVM's offloaded MySQL service uses the percona fork of MySQL 5.1, which is not a bad choice, and seems to work with wordpress among other popular CMS choices. I was just curious, are there any other Offloaded MySQL services out there?