We are about to split our testing and production instances in Windows Azure into two separate subscriptions. Currently we have 3 Windows Azure SQL Database instances that r
You can just do a backup (Export) to blob storage and then Import it in the new subscription.
http://msdn.microsoft.com/en-us/library/f6899710-634e-425a-969d-8db1267e9471
Update: If you can use SSMS, this answer is right. I only want to add some details.