Linux switched to a lightweight VM model where the guest OS can access the hardware without emulation. Current kernels are "paravirtual" ready. Older ones may not be and need virtual hardware drivers just like Windows. If yours is already paravirtualized, I think you'll be able to run it as a guest OS without making changes (although for safety, image the partitions an work off the copies.)
For 1): the update schedule is that of the distribution chosen as the hypervisor.
I've run the open version of the Xen hypervisor for a number of years. There is no immediate need to keep the hypervisor and guest OS in step. Kernel updates to the hypervisor would require a hardware reboot.
For 1): the update schedule is that of the distribution chosen as the hypervisor.
I've run the open version of the Xen hypervisor for a number of years. There is no immediate need to keep the hypervisor and guest OS in step. Kernel updates to the hypervisor would require a hardware reboot.