Should all my switches have an IP on each VLAN?

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Let's assume the configuration in the picture:

• vSwitch0
  
  • Management Port Group (vmnic0 active / vmnic4 failover)
    
  • Vmontion Port Group (vmnic4 active / vmnic0 failover)
    
• vSwitch1 - iscis native mulitpathing w/ port binding
  
  • iscsi1 Port Group (vmnic1 active / vmnic5 unused)
    
  • iscsi2 Port Group (vmnic5 active / vmnic1 unused)
    
• vSwitch2
  
  • VM Network Port Group (virtual machines)
    

My questions revolve around the VLAN IP assignments on the physical switches, and what happens when either switch goes down.

Scenario 1:

• Switch 1
  
  • VLAN 5 IP Address 10.0.0.1
    
• Switch 2
  
  • VLAN 5 no ip address
    

-What happens when Switch 1 goes down.

• Will VCenter still be able to communicate with the host? I don't think so
  

-Does each VLAN need an IP address on each switch?