Mike Wamboldt gave this information-rich presentation on IBM's implemention of "Dynamic IP" on OS/390.
Dynamic IP is a integration of two protocols. DHCP ("Dynamic Host Configuration Protocol") can provide boot information for computers that are freshly powered up on the network, and can dynamically assign IP addresses. DDNS ("Dynamic Domain Name System") allows outside users to look up the IP address of a system by name, even when the IP address is dynamically assigned.
It is possible for a single DHCP, residing on the host, to handle IP address assignment for our entire network. This would require that all our routers support what is called "BOOTP relay". I don't know just offhand if the software routers that are part of Netware support this idea.
Dynamic IP is "compliant" with Berkeley bind, the definitive DNS. This means that if you manage an existing bind implementation, then the configuration files for Dynamic IP will be familiar to you.
The old domain name server ("NAMESRV") is being phased out. This is great news. NAMESRV required DB/2, I kid you not, and was known to be buggy. We only run it here as a caching name server. The new DDNS is designed to run 24x7, and doesn't require nearly the same infrastructure.
Mike touched on security issues: RSA keys, change authentication, certificates and other stuff. There's lots to think about here.