SQL Azure good/bad news

Good news, Sql Azure in available, is Sql server 2008, you can create Db up to 10Gb size and you can register online and activate the account in few hours.
Bad news: Sql Azure has limitation, a lot of limits and forget that your existing setup working on SQL2008 will work on Sql Azure.
Note that SqlAzure IS Sql2008 but, on line you will find how many limitation it has:

- No enterprise manager, only query window
- No profiler
- USE statement not supported
- KILL,BACKUP,SELECT INTO, BULK INSERT
- PAD_INDEX,ALLOW_ROW_LOCKS,ALLOW_PAGE_LOCKS not supported during table definition (they are common if you build script using Management Studio)
- And lot lot of limitation, see
Unsupported/Supported Data Types (like text,ntext,image): http://msdn.microsoft.com/en-us/library/ee336233.aspx
Unsupported Transact-SQL Statements : http://msdn.microsoft.com/en-us/library/ee336253.aspx
Unsupported/Supported System Stored Procedures : http://msdn.microsoft.com/en-us/library/ee336237.aspx

So, if you think that you can connect and work on SQL Azure transparently with your application... don't begin to work on Sql Azure.
If you are developing a new app from scratch.. it's worth a try.