I just got my invite to Windows Azure (holy crap, that was fast!) and I can now report what you’ll be allocated as a part of the service:
Thank you for your interest in Windows© Azure™.
This invitation to participate in the Windows Azure Community Technical Preview is subject to the following usage limits:
Total compute usage: 2000 VM hours
Cloud storage capacity: 50GB
Total storage bandwidth: 20GB/day
During the CTP, we reserve the right to suspend your account activity (this does not imply we will delete your cloud storage) if you exceed these usage limits.
Azure Services Platform Team
So there you have it. Free server space for the taking. We’re joking in the press room over here that with that kind of bandwidth, you could have a really awesome Silverlight powered Azure-based P2P movie pirating service. Sweet!
Update: In addition, I just found out that I can use the service to host 1 project, store data for 2 projects, and access Live Services APIs from 20 projects. It would appear that this is the new interface for managing all of your Live Services applications, not just Azure ones. See screenshots below.