From what I can tell that is like asking which email host to sign up for but if every single email host had the same feature set. Some servers seem faster than others but I just picked a popular one from the mastodon homepage
No. The domain part is the instance. When you migrate, your old account is set to point to the new one, and a notification is automatically sent to your followers so they can automatically follow you on the new instance.
That's too bad, really. If your instance admin blocks you because of some spat, the functioning of the migration mechanism seems to be depending on his goodwill, right?
With email, no old mail provider can stop me from being reachable under my mail address in the future.