I think the campaign is dynamic, it'd be sort of silly to not be especially since SH IV is based off the SH III engine, but what I think he means there is that instead of the interaction between your sub and HQ being limited to "Go to this area, sail around for a day and try to sink something" that there will be events that come through during the course of your patrol. Things like picking up downed pilots and taking pictures of enemy held harbors are two things that I remember being specifically mentioned for those events.
To me that makes it more dynamic, not less. I read some interviews talking about the SH III campaign development and they wanted to do more with it than the 24 hour patrol grid tasking, but didn't have time to put it in. This time, they have the time.
At least that's how I'm reading it, the campaign will work like SH III's but there will be radio messages changing your orders or adding supplemental orders as you go along. Just look at the scripted and dynamic layers in the campaigns now, that's a massively powerful tool (one I wish someone would put in a flight sim to be honest) being able to have both random events and scripted events occur during a campaign. In SH III the scripted layer can do some amazing things (look at GWX's accurate task forces, battles, etc) but with some more triggers it could be even more amazing since while you're in the campaign the dynamic and scripted layers are completely transpearent. With some tweaking instead of the scripted layer being used mainly for task force placements it could be used to trigger radio events that direct you to go to certain areas if certain events happen.
Just guessing here, but that's how it seems it will work in SH IV. I mean going back to a SH II completely scripted campaign would be not only a regression of the engine, but a waste of a very powerful tool (the campaign layers) which haven't really been exploited to their full potential yet I don't think.
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