If you have several subscriptions connected to your live id, or if you are co-admin on different accounts you have full administrative rights to each account. The only thing you cannot access is the account information that is available on https://account.windowsazure.com
In the management portal you can filter out the subscription that you are currently working on. This will filter all parts of the portal, from the services that you have already deployed to the dialog where you create new services.
If you only select one subscription in the filter dialog you will not see the option to select the target subscription for a new service. Note the difference between the two screenshots below. These are taken from the New dialog in the Windows Azure portal. In the second screenshot I have filtered to use two subscriptions and therefore I get an option to select which subscription to create the new service on.
Remember that there are only one level or administrative rights. Either you are admin and can do everything (create, delete, deploy, scale and so forth) or you are not and cannot see anything. So distribute the administrative rights with care!
With many administrators you will soon find yourself in a situation of wanting an answer to the question: Who did that?!?!?! Fortunately there is an answer to that in the operation logs. Click on Management Services and then on Operations Logs and you will be presented with a nice list of who-did-what.