Today the "Database as a Service" has been announced. Not to confuse with the "Database Platform as a Service" that was announced last year and is available since early this year. With the "platform" service, you get one schema within a database. With the "database" service, you get ... a database - either 11gR2 or 12cR1. And you have access to the operating system etc. So in fact you get your own VM with an Oracle database pre-installed.
And within this service, there are three levels defined:
1. Basic - The DB instance is managed by yourself.
2. Managed - The DB instance is managed by Oracle. Backup and recovery, patching and upgrade, all taken care of.
3. Premium Managed - Like Managed, but in a RAC environment, so more highly available.
I haven't seen any SLA's yet - as you would especially in a Premium Managed Service. Prices are also still unclear. But it is offered on a monthly subscription basis.
The good news is, all ACE DIrectors will get their own (Basic) Database as a Service to try things out!