Though the other answers thus far seem reasonable, I would take a more philosophical tack.
A class is a mechanism that models a particular kind of thing in a particular domain. It is very easy when writing the internal details of a class to conflate the implementation details of the mechanism with the semantics being modeled. A brief example of what I mean:
class Giraffe : Mammal, IDisposable
{
public override void Eat(Food f) { ... }
public void Dispose() { ... }
}
Notice how we've conflated the real-world thing being modeled (a giraffe is a kind of mammal, a giraffe eats food) with the details of the implementation (an instance of Giraffe is an object which can be disposed of with the "using" statement). I guarantee that if you go to the zoo, you will never see a giraffe being disposed of with the using statement. We've mixed up the levels here, which is unfortunate.
I try to use events (and properties) as part of the semantic model and use callback methods (and fields) as part of the mechanism. I would make GaveBirth an event of Giraffe, since that is part of the model of real-world giraffe behaviour we're attempting to capture. If I had some mechanism, like, say I wanted to implement an inorder-walk tree traversal algorithm that walked the family tree of giraffes and called a method back on every one, then I'd say that this was clearly a mechanism and not part of the model, and make it a callback rather than try to shoehorn that into the event model.
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