Binding in WPF and Silverlight - how does it actually work?

How does binding work under the hood in WPF and Silverlight?

I have implemented INotifyPropertyChanged on my ViewModel objects and also used dependency properties on UI controls. Now, I am aware of the fact that the binding system will subscribe to PropertyChanged event and will update the UI whenever it is notified of changes in property. I want to know the internal working details of both approaches - implement开发者_开发问答ing INotifyPropertyChanged and inheriting from Dependency object.