For vmotion basic requirement is ESXi CPU processor should be from the same family either intel or AMD.
You can migrate VM from ESxi (older CPU features) to (newer CPU features) without reboot but you cannot vmotion back from a higher CPU feature to a lower CPU feature (requires reboot)
In the latest VC 7 version I have observed if there are ESXis with different CPU processors it is mandatory to enable EVC cluster.
To enable the EVC cluster, any VM running on ESXi (higher or newer feature CPU) requires should be powered off.
Hope this answers your query