We recently developed custom solution which allows easily deploy scalable Live Smooth Streaming Solution on Windows Azure.

More details, deployment guide and source code - http://azlivestreaming.codeplex.com/

Project Description
Windows Azure Live Smooth Streaming Project is self-contained package for quickly deploying Live Smooth Streaming solution to Windows Azure. Project contains:
- VS 2010 solution ready to be published
- Web portal with Silverlight player
- Auto-configuration for Media Services

Web portal included in solution:

cp_azlivestreaming.png

I encourage you to download source code, play with bits and freely customize the solution to your needs.