1. A computer graphics processing system comprising: a first virtual machine (VM) host comprising a first system memory and a first virtual machine manager (VMM) operable to manage a VM; a first graphics device coupled to said first VM host and comprising a first graphics memory and a first graphics processing unit (GPU) operable to store GPU state information in said first graphics memory in a first GPU state representation format; a second VM host comprising a second system memory and a second VMM operable to manage said VM; a second graphics device coupled to said second VM host and comprising a second graphics memory and a second GPU operable to store said GPU state information in said second graphics memory in a second GPU state representation format; and a context module coupled to said first and second graphics devices and operable to convert said GPU state information stored in said first GPU state representation format into an intermediary GPU state representation format and further operable to convert said GPU state information stored in said intermediary GPU state representation format into said second GPU state representation format; and wherein a predetermined VM is migrated from said first VM host by said first VMM to said second VMM for execution on said second VM host and said GPU state information associated with said predetermined VM is stored in said intermediary GPU state representation format during migration from said first VM host to said second VM host.