linkliquid hydrogen and liquid oxygen have too little energy to react. It would stay a mixture until you added external heat (or if the mixing of the 2 adds heat).
After that it is an exothermic reaction that keeps accelerating, since the heat keeps increasing. However, since reaction rate is dependant on temperature it would take awhile before the reaction speed reached the same level as the room-temperature gas-phase reaction. (assuming the gas-phase reaction starts at room temp.)
I am not a rocket scientist so of what it would do in a rocket I have no clue.
However, in the gas-phase reaction, 3 moles of gas create 2 moles, which would probably be a bad thing for a rocket.
And in extremely low temperatures or high pressures, ice will be formed - making it 3 moles of liquid make 2 moles of ice. Also something I think you'd rather not have in a rocket.
But as said before, I am not a rocket scientist.