You are partly correct.
Keep in mind that the events currently available in VBA are typical DRAWING events that are based on user interaction. What I would like to do is implement for example an "OnPaint" event, so that whenever the AutoCAD window is redrawn (either by panning, regen, redraw, regenauto etc...) This might then trigger an event.
Currently you can only monitor events with the drawing and the drawing window, but not application level events.
This would be a much more in depth implementation allowing more control over the AutoCAD object, for example an "OnMouseOver" event that would allow you to display pertinent information stored as extended data in a help tip window sortof like when you hover over a toolbar button. This way, you could attach notes and grab potential information without having to list the item. I can envision even a bit of code that would show the user certain requested information, or the option to browse the entity list just by hovering over the object.
I can implement several of these things with the events already in place, but the problem is that many of these events take control of the drawing while the event is being fired. This prevents the event from further monitoring while that particular event is running.
Does that make sense?