I received an answer from microsoft support which sort of makes sense. Anyway for future searches:
Using V12 you are fully isolated and performance level guaranteed. With V1 you share the same resources with other tenants, which means that you might be interrupted if one of them decided to overload the system (this issue used to be called "noisy neighbor") from the other hand you might enjoy more resources if they are available for you.
Anyway, noNo matter what the platform, the editions (not Web/Biz) provides capacity to ensure the DTU and response constraints as specified by https://azure.microsoft.com/en-us/documentation/articles/sql-database-benchmark-overview/#metrics (look at the Metrics section) The response time constraints for basic and standard are expressed as seconds at 90 percentile bar and thus implicitly do not guarantee ms order average.
To summarize: We cannot compare between V1 and V12 performance by measuring the average milliseconds to complete specific statement.