This doesn't replace Windows Azure Mobile Services, which also supports push notifications. The table below explains the differences. In short, Mobile Services is best used for communicating to a single user whereas Notification Hubs is best used for communicating to many users simultaneously.
|
Mobile Services
|
Notification Hubs
|
MPNS, WNS, APNS, and GCM support |
Yes
|
Yes
|
Turnkey event-triggered push |
Yes
|
No
|
Device registration management |
No
|
Yes
|
Interest tags for routing messages to a subset of users |
No
|
Yes
|
Templates for formatting messages to user preferences including language |
No
|
Yes
|
Broadcast to >1 million devices at once within minutes |
No
|
Yes
|
Check out Scott Gu's post for more details.