Great! I'm now running with Ruby On Rails on Dreamhost shared hosting. It seems a lot faster than my previous hosting at serverpronto (who I do not recommend) for some reason..
The signup process was pretty much pain free, and the web panel is better than I've seen at other hosting companies.
A very nice bonus is that I used a "promo code":http://wiki.rubyonrails.com/rails/pages/DreamhostRailsPromoCodes and got my first year of hosting for about USD$22 !! That even included one free domain registration. Incredible.