I am in process of moving BVC5 to a new server... Is there any information here on how to do this effectively? Also, does anyone know if godaddy will work for the server? if not any suggestions?

Moving an ecommerce site to another server is tricky. We usually follow a plan along these lines:

*Copy database and site files to new hosting environment and test, test, test to make sure everything is working properly
*When you're ready to cut cover to the new server, close the live store. Run a backup of the database and copy it to your new server. This will ensure that your new server has the latest data.
*Edit the Web.config file on your old server and change its database connection string to connect to your new server's database. This will ensure that any visitors that hit the old server will be interacting with the new database.
*Change your DNS information to point to the new server (note: we often will do this immediately after closing the store to reduce the DNS propagation time).

If I was going to use Go Daddy, I would not look at anything less than their virtual servers. But, I have no idea what kind of performance you can expect.