It's been a long time coming, but Azure's pricing model is now available. 

Windows Azure:

• Compute @ $0.12 / hour
• Storage @ $0.15 / GB stored
• Storage Transactions @ $0.01 / 10K

SQL Azure:

• Web Edition – Up to 1 GB relational database @ $9.99
• Business Edition – Up to 10 GB relational database @ $99.99

.NET Services:

• Messages @ $0.15/100K message operations , including Service Bus messages and Access Control tokens

Bandwidth across all three services will be charged at $0.10 in / $0.15 out / GB

This translates to a minimum of about $90 to $100 for a small single-server forms-on-data app in the cloud. This is very competitive pricing compared to Amazon E3 windows instances, which run about $1/hour and up, and comparable to low-end dedicated server hosting plans.  In addition, Microsoft is announcing initiatives to enable private cloud services via System Center and public cloud services by licensing and other efforts aimed at hosting services like MaximumASP.