Microsoft unveiled the Release Management Service in Visual Studio Online at the recently held Connect() conference. Microsoft is currently working on a web interface that is integrated with the rest of VSO web interface. You can then author release definitions, initiate releases, manage approvals and view summary of releases.
The release management service has the ability to deploy components from a VSO hosted build to an Azure cloud service. Microsoft is working on the release of an on-premise environment from VSO. The new development will depend upon an on-premise build agent pool configured to run builds queued in your VSO account. The required tasks to perform on-premise deployments will be run on these on-prem agents.
Microsoft is currently working on out-of-the-box tasks to deploy to Azure web sites and Azure cloud services, to run Powershell scripts or command line tools, to deploy using Chef cookbooks, and to run automated tests as part of each environment in a release.
