When the chip leaves the body/is affected, it will register as such. I think that it would survive Warren's shifting, but not Mystique's. It's durable because it was made to combat most known mutations---and in the Marvel U, everyone and their mother has a healing factor---but some of the more robust/odd ones can destroy it.

Tampering with it/shifting will initiate the electrocution, though. And I'd say that they could fly at their max heights before it triggers, but space is right out.