I've been using Azure Table Storage since the beginning and this doesn't seem to be the same. Like others have mentioned TS is more similar to SimpleDB. Now, I would love for someone to give me a tl;dr on the the feature set of DynamoDB so I can make an accurate comparison.
Table Storage does not allow any other indexes other than the main primary ones (Row Key and Partition Key). You also cannot store complex object within fields and use them in a query. You basically just serialize the data and stuff it into the field.
The dynamic schema is very nice if you can leverage it but the actually query support is TERRIBLE. (Sorry Microsoft, I'm a fanboy but you blew it here). There is no Order By or event Count support which makes a lot of things very difficult. Want to know how many "color=green" records there are? Guess what, you're going to retrieve all those rows and then count them yourself. They're starting to listen to the community and have just recently introduced upserts and projection (select). I would love to see them adopt something like MongoDB instead :)