You must be thinking like me now - How can this be? Noticed the subscription is "Windows Azure Platform services for Visual Studio Ultimate with MSDN" and that's like the greatest of the greatest subscription. Aren't it supposed to be free?
Here's what I discovered after speaking to the CSR from Microsoft. The MSDN subscription package states this:
So when creating our Service Bus namespace, DO NOT choose "0 Connections" (like I did). Always choose "5 Connections" or you will be billed. It doesn't matter if you are not using all 5 of them. As long as you don't exceed 5 connections, you will not be billed.
So here's another lesson learned from playing with Windows Azure (apart from deleting any unused services to prevent surprises in our bill). A good RM0.16 (after FOREX conversion) lesson - a small price to pay.