A VIP swap is an internal change to Azure's routers/load balancers, not an external DNS change. They're just routing traffic to go from one internal [set of] server[s] to another instead. Therefore the DNS info for mysite.cloudapp.net doesn't change at all. Therefore the change for people accessing via the IP bound to mysite.cloudapp.net (and CNAME'd by you) will see the change as soon as the VIP swap is complete.