Recently I came across blog post from Andreas Koop who explained very well how Application downtime can be avoided if we use Shared library approach.
Refer to his post:
http://multikoop.blogspot.com/2013/06/production-redeployment-with-adf-shared.html
http://multikoop.blogspot.de/2013/06/weblogic-application-redeployment-using.html
When you want master application to refer latest shared library reference, just select the master application & click on "Update" to pick new shared library changes
weblogic.xml: All your web shared library references goes into this file. If you try to refer a library that is not a web library then you will get exception as below:
weblogic-application.xml: Rest all java library references goes into this file. If you try to refer a web shared library then you will get exception as below:
Feel free to comment.