Difference between dynamic and System.Object

What is the difference between a variable declared as dynamic and a variable declared as System.Object? Running the following function would seem to indicate that both variables get cast to the correct type dynamically:

void ObjectTest()
{
    System.Object MyTestVar = "test";
    dynamic MyTestVar2 = "Testing 123";

    Console.WriteLine("{0}", MyTestVar.GetType());
    Console.WriteLine("{0}", MyTestVar2.GetType());

    MyTestVar = 123;
    MyTestVar2 = 321;

    Console.WriteLine("{0}", MyTestVar.GetType());
    Console.WriteLine("{0}", MyTestVar2.GetType());
}