Here is some official word,which boosts you hope of using VS 11 and .NET 4.5 beta.This press note was released just 5 days ago.
The .NET Framework 4.5 enables developers to productively build responsive, scalable and efficient client and server applications. “Developers building services
for Windows Server and Windows Azure will get the tools they need to effectively harness the power of the cloud,” Somasegar said.
Unfortunately that looks like a forward looking statement about the framework in general. I have yet to find any information about when Azure tools will be made available for VS 11 or when Azure will support .net 4.5.
This won't accomplish anything as you can't dev .net 4.5 apps with VS 2010, and even if you did, when you deploy to Azure with anything other than .net 3.5 or 4, you get an error that it's "not supported", because I tried a number of workarounds to deploy with
the EF CTP. Ultimately I'm after spatial data types in EF, that's why I need to use the .net beta. It's insanely ridiculous that SQL has supported the data types for over a year, but EF still needs .net to be updated.