Beta Release of Windows Azure Drive
Accessing a drive on Windows Azure using standard NTFS API’s? It is possible: http://blogs.msdn.com/windowsazure/archive/2010/02/02/beta-release-of-windows-azure-drive.aspx
Interesting is that it is actually a Windows Azure Page Blob in which a virtual hard drive formatted with NTFS is stored.
The blog post contains interesting details as does this whitepaper: http://go.microsoft.com/?linkid=9710117
Fascinating to see the platform develop.