I recently added Azure Caching to my web role, and on redeploy the instance hang in the following status for about 30 minutes: Busy (Waiting for role to start… System startup tasks are running. [2013-01-25T17:12:53Z])
and then get System startup task failed with exit code -532462766, before the instances retry start up.
I have not found anything on this error code, and in dire need on more information.
Problem resolved. I needed to set my Web Role storage credentials to use a real storage account instead of development storage. I also selected the check box on the Configurations tab to update the connection string for Diagnostics and Caching with Azure when publishing. Once this was corrected the re-deploy was successful.