Yours is a very interesting question indeed:
here is what i found:
Before moving a virtual machines disk file, Storage VMotion moves the "home directory" of the virtual machine to the new location. The home directory contains meta data about the virtual machine (configuration, swap and log files). After relocating the home directory, Storage VMotion copies the contents of the entire virtual machine storage disk file to the destination storage host, leveraging "changed block tracking" to maintain data integrity during the migration process. Next, the software queries the changed block tracking module to determine what regions of the disk were written to during the first iteration, and then performs a second iteration of copy, where those regions that were changed during the first iteration copy (there can be several more iterations).