A quick synopsis on the differences between 'const' and 'readonly' in C#:
' const':- Can't be static.
- Value is evaluated at compile time.
- Initiailized at declaration only.
- Can be either instance-level or static.
- Value is evaluated at run time.
- Can be initialized in declaration or by code in the constructor.
http://weblogs.asp.net/psteele/archive/2004/01/27/63416.aspx