Each node is a point and points that are visible from each other is linked. It's a bit like a freeway system where you go to the closest point to get on and then follow the links to the closest point to your goal and then get off and move to the goal.
Dynamic: Dynamic changes are hard hen it comes to creating new nodes or edges. Removing them is more easy.
Localization: Waypoints only tell us that the points and the edges between points are walkable. So we can only be sure to get a correct correct mapping from world->navspace when the position is directly at a point.
Memory Usage: Memory usage is low as few points are needed.
Planning:
Smoothing:
Creation
To create the points they can be generated by sampling the world or placed.
Build: Place the points where they should be.
Generate: Place seed points that sample the world and put more points where they are needed.