Did you try to install latest Azure SDK and tools on VS 11?
I am yet to install VS 11 and try out Azure stuff. But here are some of my thoughts around this,
Although Azure prod environment may not have support for .NET 4.5 which is included with VS 11 yet, my guess is that we might be able to install latest Azure SDK and tools on VS 11(and choose .NET 4 or less for deploying into cloud). There was
also Azure tool kit released during recent Build event for developing Metro applications (which I suppose might be using VS11).
HTH.
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