I've got a lot of questions about Live Migration in 2008 R2. Rather than writing a long post on it, I thought I'd point you at some resources I found useful whilst setting up my test environment, so you can build one too:

I also recorded the steps to build such environment in a series of screencasts that will be appearing on http://edge.technet.com. The first one is already there, so check it out. They are short out of necessity, so it will take a couple of weeks for all of them to appear.