Invalidating the control while changing parameters in the collection editor

Question

We are looking for a more elegant way to update control contents while editing it's properties in a collection editor.

As far as we know the only solution is the following: http://dotnetfacts.blogspot.com/2008/05/how-to-take-control-over-collection.html

And therefore declaring a static event handler:

public static event MyPropertyValueChangedEventHandler MyPropertyValueChanged

This solution has a number of drawbacks (think about having more than one control) and we were wondering if a different approach is possible.

Thanks.