The new domain will be "new" so it will not have the same "trust" or "age" and those are seeming important in the "new Google" - so the new site will not do so well at first.
The old domain will continue to be listed as Supplemental Results for a while, so it is vital that where those pages rank that the 301 redirect takes the vistor through to the new site.
With the combination of the two you might retain most of your traffic. Having only a new domain, and no access via the old domain, will cause a crash in traffic for many months.
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