The Web and Business editions will be replaced within a year with three levels tailored and better suited to business needs. You do not need to wait for a year as it is already in Preview.
The objectives were made clear in this email notice (quote):
New service tiers
In response to customer feedback, Azure SQL Database is introducing new service tiers to help you more easily innovate with cloud-designed database workloads. The new tiers help deliver predictable performance across six performance levels for lightweight to heavyweight transactional application demands. Additionally, the new tiers offer a spectrum of business continuity features, a stronger uptime service-level agreement (SLA), larger database sizes for less money, and an improved billing experience.
• Basic: Designed for applications with a light transactional workload. Performance objectives for Basic provide a predictable, hourly transaction rate.
• Standard: Standard is the go-to option for getting started with cloud-designed business applications. It offers mid-level performance and business continuity features. Performance objectives for Standard deliver predictable, per-minute transaction rates.
• Premium: Designed for mission-critical databases, Premium offers the highest performance levels and access to advanced business continuity features. Performance objectives for Premium deliver predictable, per-second transaction rates.
I tried to create a Basic tier database minutes ago but the interface still shows Web and Business:
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