On February 3rd Windows Azure team announced the public BETA availability for Windows Azure Extra Small Instance:

 

http://blogs.msdn.com/b/windowsazure/archive/2011/02/03/windows-azure-extra-small-instances-now-available-as-public-beta.aspx

 

Here Windows Azure Extra Small Instance features in nutshell:

CPU Core

Shared

Memory

Dedicated 768 MB

Local Storage

20 GB

Cost Per Hour

$0.05 (Only 5 Cents)

Network I/O

5 (Peak MBps - Mega-Bit-per-second)

If used with VM then VHD Size

15 GB