The current version of the Eclipse tooling is lacking support of the latest Windows Azure SDK. Solution is to roll back to Windows Azure SDK v1.1 and the Eclipse tooling will work again.
Other solution is to use the command-line packaging tools over at http://azurephptools.codeplex.com/
I do know when the next version of the tooling is coming out but I can't tell you legally. But do expect updated tooling in a "very near future".