Dynamic text is great, but would be even better if this was extended down to the layers level, the basemapping layer in particular. We use the basemapping layer and have scale thresholds setup to scale through the various differnet basemaps depending on what scale you are at. With each of these different basemaps is a different textual reference to copyright which must be listed on the final map. We would like to be able to use the dynamic text to reveal or update the correct copyright blurb depedning on what basemapping is currently turned on, thus saving time and making the information more accurate.
Once added in the layer properties, depending on what level of basemapping, the text in the layout view is dynamically updated with the correct information from the basemapping layers.
This would then update some text with the dynamic text code like <dyn type="TOC" name="OS Mapping Version 10.1" property="Credits"/> as an example.