Let me preface this question by saying I'm neither a database nor Azure expert.
It appears that MS charges by the size and number of Sql Azure dbases and not by the number of servers. Thus, cost-wise it seems feasible to put a single dbase on each server instance. My understanding is that sometimes it's more beneficial to put databases on separate, physical servers rather than on one machine in high use scenarios. Would/could the same be applied to Sql Azure virtual servers? Here's what I could find about Sql Azure server instances:
A SQL Azure server is a logical group of databases and acts as a central administrative point for multiple databases. Each SQL Azure server includes logins similar to those in instances of SQL Server on your premises." (SQL Azure Provisioning Model)
Let me also add that though all of the databases will be accessed and used by the same Web Roles, none of the databases will require data from each other, directly.