For the entity framework context, the best practice is to only have your context hanging around for as long as you need it. Does the same thing hold true for a Silverlight Domain Context or is it “safer” to hold it for longer? If you can instantiate it once and make it an application scope variable, could you add it to the ApplicationLifeTimeObjects list?
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A DomainContext is just a change-set, so the use of it is determined more by your business rules.
So long as you save out changes, to avoid data loss, I am not aware of any reason to stop you reusing one only DataContext for the life of the application.