I decided to do this based on today’s PDC 2010 announcement of the Microsoft Extra Small Instance. I wanted to compare and contrast Amazon’s EC2 Instances with Microsoft Azure’s Instances. I came across what I believe to be an error on Microsoft’s website (both Medium and Large Instances currently show as $0.48/CPU hour.
Below is a picture of the spreadsheet I put together. I will put a link to the XLS up later, I’m looking for corrections and input on improving this.
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Data Gravitas 
Interesting catch. Looks like a true price war between the two services. Have you compared the pricing w/ Joyent & RackSpace? I’d be interested to see if the market is driving a standard $/hr.
Please see my new posted that reflects all of this in a spreadsheet (download is enabled) – http://bit.ly/dBAmMW
Best,
Dave