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If the forums are left open, then any posts/threads/users/etc. that are created after the database is exported will be lost. Every post you make creates another entry into the database. In order to migrate the forum, that database has to be imported into the XenForo software. If the vBulletin forum is left open, then any posts in between the time the database was downloaded, imported into XenForo and when XenForo goes live, will be lost.
So, long answer short, most forums will close the forum when the transition is happening, in order to make sure no posts or users are lost. Again, I want to be clear I am NOT speaking on behalf of the forums, just my own knowledge/experience, but I would expect a minimum downtime of several hours. I would presume they would do a test migration in the background first, to see what challenges might arise, but it wouldn't surprise me for the forums to be closed for at least an hour under best of circumstances.
The only inherent costs would be the purchasing of the XenForo software (which starts at $160 and goes up depending on other services purchased). That's not to say they wouldn't have other costs (for example, if they wanted add-ons or wanted someone to migrate/install for them).
But the only absolutely necessary cost will likely be the forum license.
If it takes a few hrs to a full day so ensure a successful migration of data- no issues here
With all being volunteers, they will needless to say schedule this, as best suits their own timings.
All one needs is a few hrs notice, a day would be nice, something I can also live with
Successful migration of data IMHO is critical