At TechEd in May David Robinson discussed the investment themes for SQL Azure in the remainder of 2011.
Watch from 49mins
The three top level themes were:
You might also want to check out a Roadmap slide I used in May at Tech Days 2011.
New Data Movement Capabilities
Enhanced Management Experiences
Scale-out with Federation
Scale-up & Scale-down Databases
Enhanced multi-tenancy support
Rich Insights With Reporting as a Service
Spanning Apps With Sync Service
Rich Developer Experiences