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In multiple-input multiple-output (MIMO) systems the communication channel can be split into s-parallel single-input single-output eigenchannels. The channel gains associated with these eigenchannels depend on the magnitude of the eigenvalues of the complex random matrix that characterizes the MIMO channel. We present a general framework for the characterization of the dynamics of MIMO channels. In addition, we provide new analytical results for the distribution of the largest eigenvalue of two correlated Wishart matrices, which enable a direct evaluation of different system performance metrics such as the probability of two consecutive outages separated by a given time window, the level crossing rate and the average fade duration.