AWS Route53 and Elastic Load Balancers equivalent on the new Azure IaaS cloud?

For the most part yes, there is equivalence. Windows Azure has always had a load balancer on any external endpoint (exposed over the VIP). It is not a super programmable firewall at this point (you cannot do more than simply remove yourself from rotation), but it works very well for web farm scenarios.

Microsoft doesn't have a DNS service like Route53. But does support common DNS operations such as c-name routing/forwarding to various Windows Azure services. As for zones, there are currently 8 locations that MSFT offers for hosting of Windows Azure, 2 in Europe, 2 in Asia, 4 in the US, and Fujistsu offers hosting of some Windows Azure services in Japan.

With the possible exception of Fujitsu (I don't know the details of their SLA), all Windows Azure Services are at least 99.9% (the definition of "highly available" is subjective). Additionally, Microsoft has the Content Delivery Network with more than 24 nodes spread across the globe to help speed delivery and reduce the latency of content being delivered to almost any geography.

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