I heard some where that dynamic link only comes with the Master Collection offered by Adobe and not the regular Production Bundle???

Ya hear a lot of things in this world, making primary source verification useful task. A quick look at Adobe's site shows this to be misinformation:

http://www.adobe.com/products/creativesuite/production/integration/
http://www.adobe.com/products/creativesuite/production/features/
http://www.adobe.com/products/creativesuite/mastercollection/features/