The cost savings Lambda provides, particularly in combination with its suggestion of limitless processing power on tap is pretty difficult to argue with. It provides a path towards the gains cloud/grid computing promised.
I'm surprised it's taken MS quite so long to get it up and running.
Re: Delayed Functions
Been up and running for a quite a while, been running production work loads on Azure functions for last 18 months or so, python is the new bit they unveiled this week, personally i dont really care about that as its the one scripting language ive never bothered to get into, other than the usual lack of coordination between azure teams (cant use latest versions of the storage libs for example) functions has been a pleasure to use and like most comparisions against aws the consistent ui of the portal makes things easy, as does the deep hooks in visual studio remote debugging serverless ftw.