This should not occur with latest images. There are no keys in the images.
If you try to connect before they're generated, you should get something like:
$ ssh localhost; echo $?
Read from socket failed: Connection reset by peer
255
** Changed in: ec2-init (Ubuntu)
Status: In Progress => Fix Released
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ssh is started before hostkey is installed/regenerated
https://bugs.launchpad.net/bugs/512377
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