I’ve been working on MVC with Code First approach for a while (more than 1 year). It’s very stable and makes you move faster. If you are targeting a web application which has all its logic in business layer and you use database layer just for storage then Code First approach best fits on this. There are numerous posts outside on Internet about how to learn it. I won’t go that direction. However, I’ll try to explain similarities of MVC Code First vs others (Django and Ruby on Rails).
In both CF side or other open source alternatives you both leave db side as only storage. Also, in both alternatives you have console for scaffolding your db from Model (POCO) classes. In these perspectives, there is no big difference between open source Django,Ruby and MVC CF. You may say that there are license problems in Microsoft stack. I can say that this is a problem of 90s. Now, by using Windows Azure you can skip these problems and figure out by using cloud approach to web development as well.
On the other hand, MVC CF has another crucial advantage in terms of IDE. I think, Visual Studio is one of the best IDEs around the Software Engineering world. By using its express version, now it’s totally free. There are slight differences with full version but I don’t think so that you will deeply need it in my experience.
To sum up, MVC CF with Windows Azure just take care of your scalability, production speed, flexibility and cost issues.