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My question, is the MBean life cycle similar to that of EJB's?
In that will the MBeans get passivated (or something similar)?
Also is there concurrency with MBeans, in that are there multiple instances running at any point in time (like EJB's)?
No, single instance per object name.
What happens in the case of a cluster?
Default behavior is non-clustered. Single instance in a single node.