Transact-SQL includes a number of date and time functions that've values derived from the operating system of computer on which SQL Server is running. With SQL Azure these functions are all standardised on UTC so you'll receive same result irrespective of datacentre where server is hosted. Table below shows results from following query run against a SQL Azure instance hosted in Northern Europe on 19th May 2010 12:06:04 UTC:
SELECT SYSDATETIME() as SYSDATETIME, SYSDATETIMEOFFSET() as SYSDATETIMEOFFSET, SYSUTCDATETIME() as SYSUTCDATETIME, CURRENT_TIMESTAMP as currenttimestamp, GETDATE() as getdate, GETUTCDATE() as getUTCdate;
Same results were returned from SQL Azure databases hosted in North Central US, South Central US and South East Asia.