The ObservableCollection is bindable, but it only reflects the changes done to itself.
To monitor to any other changes you might want to use the EntityListManager:
##################
var filter = new Predicate<Customer>(delegate(Customer aCustomer) {return aCustomer.CompanyName.StartsWith("C");});
var elm = new EntityListManager<Customer>(mgr, filter, null);
elm.ManageList(bindableList, true);
##################
This way, any changes made to any Customer matching the criteria above with reflect in bindableList (regardless of if it was made in bindableList or not).