Part two will show you actual failover of working virtual machine from one clustered node to another without stopping it. This is almost the same situation as in Windows Server R2 with couple of differences. iSCSI target server service is now part of operating system and it is configured through File Services console. Also, there is new functionality in Windows Server 8, called Virtual Machine Replication.
Hyper-V Replica allows you to replicate Virtual Machines over the network to another Hyper-V Hosts. This is great if you replicate the VM to another datacenter or if you don’t want to create a Hyper-V Cluster and still have the requirement to start the Virtual Machine in 30 minutes on another host.
Couple of things to keep in mind. If your nodes have different processors or processor families, make sure to tick “Migrate to a physical computer with a different processor version” option in virtual machine settings. This can only be done when VM is in Shutdown state. Make sure to correct any errors that may appear when you validate your cluster.
Here is short video demonstrating controlled failover of virtual machine in Windows 8 Hyper-V Failover Cluster and controlled migration of virtual machine with Hyper-V replica.