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It can hurt, once in a while.
I've seen it once, but the site came back fairly quickly.
I usually, assign a tech to help someone switching to our servers to avoid offending the search engine gods and do everything they can to make the switch as fast and painless as possible.
The best way to avoid it is to get a good host to begin with (plenty of bandwidth, support for all the applications you need or may need in the future. It may cost a bit more monthly to get a good host, but it's nice to know if your online business takes off, you don't have to switch and you can actually call someone for help.
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