There was a recent change in the documented permanence of the VIP address. The Windows Azure team blog post announcing this change
specifies:
-- A VIP is associated with the deployment and not the hosted service. When a deployment is deleted, the VIP associated with that deployment will return to the pool and be re-assigned accordingly, even if the hosted service is not deleted. Windows Azure
currently does not support a customer reserving a VIP outside of the lifetime of a deployment.
As Vidar points out, the solution is to use a CNAME record.