"const":
- Can't be static.
- Value is evaluated at compile time
- Initialized at declaration only.
"readonly":
- Can be either instance-level or static.
- Value is evaluated at run time.
- Can be initialized in declaration or by code in constructor.
References:
http://weblogs.asp.net/psteele/archive/2004/01/27/63416.aspx
http://en.csharp-online.net/const,_static_and_readonly