It looks like the answer to that is 'No'! I planned to travel through Baku as part of a long trip last autumn but I was going to be pretty close to Afghanistan and changed my itinerary after 9/11. I still have some info and weblinks if you want to get info from someone who *hasn't* been there. Dodgy tales of the ferries to Turkmenistan and all. The 'THORN TREE' posts on Lonely Planet are a good way to hear from people who have been there:
http://www.lonelyplanet.com/destinations/europe/az
erbaijan/