In conclusion, I would say that though Azure is not ready for prime time (as of the March 2009 CTP) the potential that it packs is impressive.  The fact that you can develop for the cloud using .Net is one thing, that they've opened it up to PHP sends it over the top.  I'm not a PHP developer, my exposure to it as a language is limited, however, I think that including it into the Azure fabric is a brilliant move and will lead to greater things for the platform. 

Also, they are introducing many services to Azure, such as SQL Data Services, Office Services and even Dynamics Services.  These may not all be available for consumption yet, but they are on the way.  It is things like this that are going to push Azure over the top in the war for the cloud, in my opinion.