I just checked the SqlDependency object in .NET Whidbey Beta 2. As I remember, in Beta 1, you had to iterate through the data that was returned. In Beta 2, I just tried it and you don't have to iterate through the rows that are returned (unless that is happening behind the scenes and I don't know it).
Dim strSql As String = "select col1, col2, col3 from owner.tablename"
Dim sqlDr As SqlDataReader
sqlCn = New SqlConnection(ConnectionString)
sqlCm = New SqlCommand(strSql, sqlCn)
sqlDep = New SqlDependency(sqlCm)
sqlDr = sqlCm.ExecuteReader()
AddHandler sqlDep.OnChange, AddressOf DependencyChangeCallBackFunction
I tested the code above, and my event handler fired when I made my change. Nice.