PropertyGrid ValueChanged event

Code:

using System;
using System.ComponentModel;
using System.ComponentModel.Design;
using System.Drawing;
using System.Drawing.Design;
using System.Windows.Forms;
using System.Windows.Forms.Design;

namespace WindowsApplication1
{
    static class Program
    {
        [STAThread]
        static void Main()
        {
            Application.Run(new Form1());
        }
    }

    public class Form1: Form
    {
        public Form1()
        {
            PropertyGrid grid = new PropertyGrid();
            grid.Dock = DockStyle.Fill;
            grid.SelectedObject = new MyObject();
            grid.PropertyValueChanged += new PropertyValueChangedEventHandler(grid_PropertyValueChanged);
            this.Controls.Add(grid);
            this.Size = new Size(500, 200);
        }

        private void grid_PropertyValueChanged(object s, PropertyValueChangedEventArgs e)
        {
            this.Text = "PropertyValueChanged: " + e.ChangedItem.Label + " = " + e.ChangedItem.Value;
        }
    }

    [TypeConverter(typeof(MyValueConverter))]
    [Editor(typeof(MyValueEditor), typeof(UITypeEditor))]
    public class MyValue
    {
        private bool m_Status = false;
        public bool Status
        {
            get { return m_Status; }
            set { m_Status = value; }
        }
    }

    public class MyValueConverter: ExpandableObjectConverter
    {
        public override object ConvertTo(ITypeDescriptorContext context, System.Globalization.CultureInfo culture, object value, Type destType)
        {
            if(destType == typeof(string) && value is MyValue) {
                MyValue p = (MyValue)value;
                return "Status = " + p.Status;
            }
            return base.ConvertTo(context, culture, value, destType);
        }
    }

    public class MyObject
    {
        private MyValue m_Value = new MyValue();
        public MyValue Value
        {
            get { return m_Value; }
            set { m_Value = value; }
        }
    }

    public class MyValueEditor: UITypeEditor
    {
        private MyValueEditorUI editorUI = null;

        public override UITypeEditorEditStyle GetEditStyle(ITypeDescriptorContext context)
        {
            return UITypeEditorEditStyle.DropDown;
        }

        public override object EditValue(ITypeDescriptorContext context, IServiceProvider provider, object value)
        {
            if(provider != null) {
                IWindowsFormsEditorService editorService = (IWindowsFormsEditorService)provider.GetService(typeof(IWindowsFormsEditorService));
                if(editorService == null) {
                    return value;
                }
                if(this.editorUI == null) {
                    this.editorUI = new MyValueEditorUI();
                }
                this.editorUI.Start(editorService, value);
                editorService.DropDownControl(this.editorUI);
                this.editorUI.End();
            }
            return value;
        }

    }

    public class MyValueEditorUI: Control
    {
        private IWindowsFormsEditorService editorService = null;
        private object value = null;
        private bool wait = false;

        private CheckBox checkStatus;

        public MyValueEditorUI()
        {
            checkStatus = new CheckBox();
            checkStatus.Text = "Status";
            checkStatus.CheckedChanged += new EventHandler(checkStatus_CheckedChanged);
            this.Controls.Add(checkStatus);
            this.Size = new Size(50, 50);
        }

        private void checkStatus_CheckedChanged(object sender, EventArgs e)
        {
            UpdateValue();
            CloseUI();
        }

        private void CloseUI()
        {
            if(this.editorService != null) {
                this.editorService.CloseDropDown();
            }
        }

        public object Value
        {
            get { return this.value; }
        }


        public void Start(IWindowsFormsEditorService editorService, object value)
        {
            this.editorService = editorService;
            this.value = value;
            UpdateControl();
        }

        public void End()
        {
            this.editorService = null;
            this.value = null;
        }

        public void UpdateValue()
        {
            if(wait) return;
            MyValue value = this.value as MyValue;
            if(value != null) {
                value.Status = checkStatus.Checked;
            }
        }

        public void UpdateControl()
        {
            MyValue value = this.value as MyValue;
            if(value != null) {
                wait = true;
                checkStatus.Checked = value.Status;
                wait = false;
            }
        }

    }
}