If I ever get to Dynamic Memberlist, which I might not...it'll basically show you all of a users fields that are possible, the basic ones, customized ones (if custom profile fields is on) and so forth.
It will let you change how each displays, should it show an icon for true / false, yes or no, should it output the actual field results, what order should each item be in? What happens if the user does not have a field completed?
How should the memberlist be displayed? A block style? A list?
Dynamic Memberlist would be a completely customizable memberlist.