What are the true benefits of ExpandoObject?

Since I wrote the MSDN article you are referring to, I guess I have to answer this one.

First, I anticipated this question and that’s why I wrote a blog post that shows a more or less real use case for ExpandoObject: Dynamic in C# 4.0: Introducing the ExpandoObject.

Shortly, ExpandoObject can help you create complex hierarchical objects. For example, imagine that you have a dictionary within a dictionary:

Dictionary<String, object> dict = new Dictionary<string, object>();
Dictionary<String, object> address = new Dictionary<string,object>();
dict["Address"] = address;
address["State"] = "WA";
Console.WriteLine(((Dictionary<string,object>)dict["Address"])["State"]);

The deeper the hierarchy, the uglier the code. With ExpandoObject, it stays elegant and readable.

dynamic expando = new ExpandoObject();
expando.Address = new ExpandoObject();
expando.Address.State = "WA";
Console.WriteLine(expando.Address.State);

Second, as was already pointed out, ExpandoObject implements INotifyPropertyChanged interface which gives you more control over properties than a dictionary.

Finally, you can add events to ExpandoObject like here:

class Program
{
   static void Main(string[] args)
   {
       dynamic d = new ExpandoObject();

       // Initialize the event to null (meaning no handlers)
       d.MyEvent = null;

       // Add some handlers
       d.MyEvent += new EventHandler(OnMyEvent);
       d.MyEvent += new EventHandler(OnMyEvent2);

       // Fire the event
       EventHandler e = d.MyEvent;

       e?.Invoke(d, new EventArgs());
   }

   static void OnMyEvent(object sender, EventArgs e)
   {
       Console.WriteLine("OnMyEvent fired by: {0}", sender);
   }

   static void OnMyEvent2(object sender, EventArgs e)
   {
       Console.WriteLine("OnMyEvent2 fired by: {0}", sender);
   }
}

Also, keep in mind that nothing is preventing you from accepting event arguments in a dynamic way. In other words, instead of using EventHandler, you can use EventHandler<dynamic> which would cause the second argument of the handler to be dynamic.