My client has half deployed instances of Windows Azure Active Directory, and Office 365 synchronization technologies. I have yet to unravel how much is overlapping, or what isn't.
Based on my experience, it's possible to log into Windows Azure Active Directory and "connect" an instance of it to Office 365. (I've only seen this with a pre-existing provisioning of O365)
With regard to provisioning, attributes that are synchronized, and flexibility of the toolkit, which is a better choice for synchronizing AD, or are they the same? (O365 vs WAAD)