Azure provides built in high availability. In a given server region, you are provided with three local copies of the Azure SQL Database.
Now, if there is an outage covering the entire server region, you can use the Geo-Restore feature or the Geo-replication feature to have a copy of the database in a different region. Geo-Replication offers up a 30 second RTO and a 5 second RPO. And rightfully so, since each secondary is billed at full price. It's a business decision as to how critical this database is.
One great benefit of Geo-Replication is that it can be used as a read-only database in addition to being on stand-by for failover. One can create up to four readable database replicas (much like SQL Server's always on in 2012).
Please keep in mind that Geo-replication only operates in asynchronous mode. Therefore there is a possibility of some data loss.
In fact the failover command even specifies data loss. If there is an unplanned outage:
ALTER DATABASE FORCE_FAILOVER_ALLOW_DATA_LOSS
Otherwise, it's a simple ALTER DATABASE FAILOVER (sound familiar) command for a planned outage.
Look into the following DMVs and set up alerts for yourself to monitor the Geo-Replication health. I'll go into more in depth look at these in future posts.