Yes, you will be charged if you want to continue hosting on Azure.
See this blog for more details.
To specify MS
`If ββyou decide not to update, on February 1, 2010 your CTP accounts will be disabled and any Windows Azure storage will be read-only
Currently, only customers in selected markets around the world will be able to upgrade to the full version of Windows Azure. Microsoft is currently accepting customers with a credit card billing address in one of the following countries, with a promise to add additional markets in the future: Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, India, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.
"If you upgrade your CTP accounts during the month of January 2010, all use of the Windows Azure platform made during this month will be free. During this month, you will also have full visibility to use the Windows Azure platform. And SLA for all commercial accounts will begin February 1, 2010, "said a Windows Azure team member
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