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Our Admins claim their they do it all the time and we never notice. But then only a hand full of test databases are on VM and none are Data Guard.
In the the lab I have several and I just shutdown everything and move them cold without issue.
Thanks for the reply. With great terror in my heart, I performed an experiment today in the name of SCIENCE.
The aforementioned production Oracle server (a primary data guard feeding 2 stand-bys) and a separate standby (whose primary is a different production Oracle instance on another VM) were both migrated in a live state to a separate VM.
Verdict: there was no noticeable change in performance, no errors, etc.