I've been working with it since the beginning. It's actually... just functional. Most of what you need to do is just there. Yeah, there are some limits, but you'd be surprised how little they actually impact you. The only negative is also one of the greatest positives; it moves very quickly. You need to be ready to learn on an ongoing basis.

In addition to SSMS, a lot of 3rd party vendors are actively supporting Azure SQL Database. I know SQL Sentry is. My company, Redgate Software is as well.