Dynamic fields that calculate on-the-fly for formulas, shape attributes, statistics, summaries
Examples
Formulas - Multiple field calculations like excel (already mentioned in another post)
Shape Features - Areas, Lengths, etc.
Statistics - sum, avg, mean, etc
Summaries - Point Count within features
Essentially whenever a features is changes, the field automatically updates
Biggest help would be a summaries field where relates can be summarized in a field or points that fall within a polygon can be calculated without creating new files and will update as soon as new data is created.