To implement \"method-missing\"-semantics and such in C# 4.0, you have to implement IDynamicObject:
public interface IDynamicObject
{
MetaObject GetMetaObj
Here is what I have figured out so far:
The Dynamic Language Runtime is currently maintained as part of the IronPython project. So that is the best place to go for information.
The easiest way to implement a class supporting IDynamicObject seems to be to derive from Microsoft.Scripting.Actions.Dynamic and override the relevant methods, for instance the Call-method to implement function call semantics. It looks like Microsoft.Scripting.Actions.Dynamic hasn't been included in the CTP, but the one from IronPython 2.0 looks like it will work.
I am still unclear on the exact meaning of the "parameter"-parameter, but it seems to provide context for the binding of the dynamic-object.