Hi,
Licensing is included in the compute-hour price:
Any instances of VM roles that run in Windows Azure are priced by the compute hour.
Licensing for the VM role is included in the compute-hour price and is not related to the licensing status of the installation media that was used to create the base VHD.
http://msdn.microsoft.com/en-us/library/gg433107.aspx
Sandrino
Sandrino Di Mattia | Twitter: http://twitter.com/sandrinodm | Azure Blog: http://fabriccontroller.net/blog | Blog: http://sandrinodimattia.net/blog