http://support.easydns.com/Failoverfaq.php
DNS changes aren't instant and aren't 100% reliable either; not everyone obeys the ttl. I've read that most providers won't even obey a ttl of less than half an hour I think, so half an hour is kind of the minimum amount of downtime you will see with this kind of solution. Plus having a low ttl means more DNS requests which means more expensive DNS.
So the question is how much downtime is acceptable?