As were we, and MS has learned a lot since then. The SLA has improved and become more strict, and they've improved communications since then. There is still a ways to go, but that's true of all hosts.
It's important to note though that an SLA for any host isn't a strict guarantee. Almost all are set up on the best-effort-with-refunds-if-we-fail principle. They're promises, not hard lines. MS does not have a habit of failing to deliver on their promised number, but like any other host it can happen. These are important things to remember when considering a hosting model.
http://blogs.gartner.com/kyle-hilgendorf/2012/03/09/azure-ou...
The SLA would have been fine if it was accurate, which it wasn't.