High Availability in Release 7.3 and 7.4
The new architecture for HA is for box-to-box redundancy. In other words, 1:1 where one WLC will be in an Active state and the second WLC will be in a Hot Standby state continuously monitoring the health of the Active WLC via a Redundant Port. Both the WLCs will share the same set of configurations including the IP address of the Management interface. The WLC in the Standby state does not need to be configured independently as the entire configuration (Bulk Configuration while boot up and Incremental Configuration in runtime) will be synced from the Active WLC to the Standby WLC via a Redundant Port. The AP's CAPWAP State (only APs which are in a run state) is also synced, and a mirror copy of the AP database is maintained on the Standby WLC. The APs do not go into the Discovery state when the Active WLC fails and the Standby WLC takes over the network's Active WLC.
There is no preempt functionality. When the previous Active WLC comes back, it will not take the role of the Active WLC, but will negotiate its state with the current Active WLC and transition to a Standby state. The Active and Standby decision is not an automated election process. The Active/Standby WLC is decided based on HA SKU (Manufacturing Ordered UDI) from release 7.3 onwards. A WLC with HA SKU UDI will always be the Standby WLC for the first time when it boots and pairs up with a WLC running a permanent count license. For existing WLCs having a permanent count license, the Active/Standby decision can be made based on manual configuration.
http://www.cisco.com/c/en/us/td/docs/wireless/controller/technotes/7-5/High_Availability_DG.html#pgfId-74573