We have a web based (ASP.NET MVC) application that uses SQL Server 2008 for its database.
Because the data is important to us (and our clients), we have a Backup &a
Backup/restore is a whole different animal in SQL Azure as the traditional backup/restore commands are not available. See the article SQL Azure Backup and Restore Strategy for a good overview and then read Copying Databases in SQL Azure. Also take a look at redgate's (beta) third party tool for SQL Azure Backup.
EDIT: Adding a reference to a new blog post that appeared today (Sept 29, 2011): Data backup strategies for Windows and SQL Azure