I finally I got some time to play with the new Azure Active Directory Sync tool and its configuration. You can read more about the new features on this Technet-blog.

Installation

The installation was very straight forward.  The step-by-step instruction are provided in the http://msdn.microsoft.com/en-us/library/azure/dn757602.aspx article.  The administration tools and scripts are located in difference places compared to DirSync which was little confusing in the beginning. 

Synchronization Service Manager

This is where you administer or customize your synchronization options.  It is an MIIS client. In the backend it creates Management Agent (MA) for your directory and Azure.

The default location of this file (missclient.exe) is in C:\Program Files\Microsoft Azure AD Sync\UIShell

Schedule

In DirSync the amount of time between synchronizations was determined by the Microsoft.Online.DirSync.Scheduler.exe.config file.
As previously mentioned this changed with the release of Azure Active Directory (AAD) Sync.

By default, the Azure AD sync schedule runs every 3 hours. It is executed by a Scheduled task as shown here:

You can manually force the replication from here if needed.   In the backend it calls the DirectorySycnClientCmd.exe file which is located in C:\Program Files\Microsoft Azure AD Sync\Bin\ folder.

You can change the frequency by going to the Properties:

Note:  If you have Office 365 in a hybrid mode, changing the default schedule or creating a custom schedule is not recommended or supported. 

When you save the changes the Task Scheduler will ask you for a password for the “AAD_xxxxxxxx” account.
At this point it is safe to reset that users password (we recommend a strong password).

Troubleshooting Password Sync

If the job seems to work, but changes are not read and pushed to Azure properly, do the following to verify local permissions.

1. In Active Directory Users and Computers, right-click the domain, and then click Delegate Control.
2. On the Users or Groups page, click Add. This has to be the service account you use to configure the Azure AD Sync at the first place.
3. On the Tasks to Delegate page, select create a custom task to delegate, and then click Next.
4. On the Active Directory Object Type page, select this folder, existing objects in this folder, and creation of new objects in this folder, and then click next.
5. On the Permissions page, in the Permissions box, select “Replicating Directory Changes” & “Replicating Directory Changes All” and then click Next.
6. Click Finish.
7. Reboot the AAD Sync server and everything should be ok.