The template relies on the ASPProviders assembly, which is looking for an earlier version of the StorageClient assembly. When the Web Page is first displayed, you will see an error:
Exception has been thrown by the target of an invocation. (<Path>\WPCloudApp1\WPCloudApp1\WPCloudApp1.Web\web.config line 55)
 
Digging in on this, the inner exception is:
Could not load file or assembly 'Microsoft.WindowsAzure.StorageClient, Version=1.1.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35' or one of its dependencies. The located assembly's manifest definition does not match the assembly reference. (Exception from HRESULT: 0x80131040)
 
A quick fix is to provide a binding redirect to the newer version of Storage Client:
<dependentAssembly>

<assemblyIdentity name="Microsoft.WindowsAzure.StorageClient" publicKeyToken="31bf3856ad364e35"/>
<bindingRedirect oldVersion="1.0.0.0-1.7.0.0" newVersion="1.7.0.0" />

</dependentAssembly>