This is exactly the way i use to migrate VMs to a new cluster. I've done that a couple of times (also with Netapp Storage and ESXi 3.5/4.x/5.0) and never had corrupted VMs. Thats what VMFS is designed for.
Of course, i would not share a LUN to ESXi hosts between different vCenters as final configuration but for migration it is reasonable.
You only have to know that:
- Do not upgreade to VMFS5 until all ESXi4 hosts are disconnected.
- Storage I/O Control does not work accross multiple vCenters.
- migrate does not mean "vMotion" but: power off > remove from inventory > add to inventory > power on (of course...)