I just upgraded my Azure solution to VS2012 and October 2012 version. I have 2 webroles but only 1 of them is working now when I look it from IIS Manager. I'm sure of it because my webrole's inter-role communication requests are failing too.
First I tought it can be another problem so I asked this question: Windows 8 Azure Emulator is Remapping Port 80 to 81
Here you can see my IIS Manager:
I had the same issue, and RESOLVED it following the suggested Registry hack here: Strange behavior of Windows Azure Compute Emulator (SDK 1.8) with multiple role instances on a clean machine with VS2012 but WITHOUT VS2010
Anyone with this issue, please pile onto this connect log for MS to properly fix: https://connect.microsoft.com/VisualStudio/feedback/details/773786/azure-sdk-1-8-binds-several-web-roles-to-the-same-port-on-local-emulator