EC2 micro instances do not have enough grunt to compile assets once they reach a critical mass. If you read your Capistrano logs, you might find an entry saying that the process was killed. I have found this with projects of mine I have attempted to deploy on micro instances, and upgraded to small instances to resolve.
Another solution is to precompile your assets locally and put them on a CDN using a gem like https://github.com/rumblelabs/asset_sync.