Live migration is a feature that got a huge improvement in VMM 2012 SP1 due to the following Windows 2012 capabilities:
Live migration between two isolated Hyper-V servers (with no shared storage).
Live migration within cluster nodes.
Live migration between nodes of two different clusters.
Live storage migration: You can migrate the VM files (for example, VHD/VHDX, ISO, and VFD files) to update the physical storage, or to address bottlenecks in storage performance. Storage can be added to either an isolated Hyper-V host or a Hyper-V cluster, and then the VMs can be live-migrated (moved) to the new storage.
Live VSM: You can use live system migration (VSM) to migrate both the VM and the storage in a single action.
Concurrent live migration: You can perform multiple concurrent live migrations of virtual machines and storage. The limit of concurrent live migration can be manually configured; the live migrations will be queued if the number of live...