nics,
1)There will be no failover (vmotion) during the outage
HA does not use vMootion, it starts a new instance of the VM (it is a recovery, not a migrate)
2)THere will be no HA or DRS during the outage
The VC is only required to configure HA - the aam service is installe don the hosts and the hosts can continue to monitor each other etc, even if the VC disappears.
In addition, you could even get the VC to recover itself on another Hosts, using HA.
3)There will be no reporting during the outage
All hosts continue to generate logs, but of course, no VC specific logs will be generated as the VC is not running.
4)Any configuration changes during the outage will not be recorded in the VIrtual Center database.
Config changes made on the hosts will be updated once the VC connects to the host
Are there any other effects on the virtual machine which I should be aware of?
You will only lose functions that REQUIRE VC - ie vMotion etc.