It is my understanding that VMs must pause during Live Snapshot creation
when "Save Memory" option is selected.

If you're only seeking to mitigate against issues that might arise after
doing package updates then what's the advantage of going with that route?

Down the road does anyone know if it will be possible for oVirt and
eventually RHEV to gather snapshots without Pausing VMs?  Does Docker
make this a feature we likely won't see developed?