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you can visit http://blog.zhaw.ch/icclab/an-analysis-of-the-performance-of-live-migration-in-openstack/ having performance analysis (migration time and downtime).

From my understanding , there will be downtime but the downtime depends the state of VM memory.

hypervisors are using either of the two technique to do the memory state transfer from one host to another host. Pre-copy memory migration or Post-copy memory migration.

Visit wiki link to know more. http://en.wikipedia.org/wiki/Live_migration