Azure Site Recovery will go in preview in June 2014. It will allow data replication set at a schedule of every 30 seconds, 5 or 15 minutes.
It has a maximum of 15 recovery points and supports VSS snapshots for application consistency. Customers can select to encrypt data at rest. Customers will only be charged for the consumption of storage. During normal replication no virtual machines will be running. Only during failover or failover test compute resources will be charged