When I use TwoWay data binding to a view model on a page, then from what I have observed, the view model is only updated when the focus leaves the field (eg. a TextBox). This behaviour matches the description in Updating the Data Source.
If the application is tombstoned, then most examples I've seen just persist the view model in the page state, and reload them if it is activated again.
From what I can see, this means that if the user hadn't caused focus to be lost from the text box they were editing, the current value isn't copied to the view model, and so it isn't saved.
Is that what a user (and also Microsoft's Application Certification process) would expect from a WP7 application?