Azure hosted? Me likey.
Azure service provider (where the service provider is subject only to my nation's laws)? Grand.
Azure U.S.A? Hell no.
No amount of "but you can manage your own keys, see? See?!?" I ever going to make me trust the yanks. Nothing short of some pretty massive government reforms will even begin to restore my trust.
Too bad that Microsoft has decided that they'll market Azure service provider while simultaneously raising fees to punitive levels in an attempt to drive those selfsame service providers out of business. The end result is me not really trusting Microsoft at all.
Oh well: Openstack is largely Good Enough. Onwards.