There’s an updated CRM Server 2015 Licensing Guide for October 2015 with three sections added.
The first is on Licence Mobility with confirmation (as usual) that you need SA on CALs as well as the Server licences to use VL licences on a partner-hosted infrastructure or Azure.
The second section is Azure-specific and states that CRM Online users may also access CRM Server running on Azure.
And finally there’s an Additional Software section which explains that a Marketing Connector and Reporting Extensions are provided as part of a CRM Server licensed solution.
We’ve put all the Microsoft Licensing Guides here: bit.ly/MSlicensingguides