SMO failing on SQL Azure

I was notified that SMOscript fails to generate scripts for SQL Azure databases, see SO here and here.

The reported error message is

Objects in database [DatabaseName] on server [ServerAddress]:

Error:

Index was outside the bounds of the array.

I found reports about SMO access failing on SQL Azure, but I do not have confirmed information whether SP1 of 2008R2 or this Azure SR fix the problem.

If you have information on how to solve this problem, please leave a comment here or answer on SO. Thanks.