Data Binding and Event-Driven Validation

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I am having trouble preventing a bound source from updating using event-driven validation.

There is a very nice article on MSDN explaining this;
http://msdn.microsoft.com/en-us/library/ms229603.aspx

It clearly states, "When you use data binding, the data in your control is synchronized with the data source during execution of the Validating event. If you cancel the Validating event, the data will not be synchronized with the data source."

So I've created a tiny example application called NoSourceUpdate, which basically contains a list of some data, an ID and a Name. I create the list, and bind it to a listbox, then bind the textboxes to the list's properties. There are also 2 lables bound to the list to reflect the internal list's values to demonstate the problem I'm having.

Public Class Form1
    Private errorlist As New ErrorProvider
 
    Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load
        Dim DataList As New List(Of Data)
 
        Dim NewData As New Data
        NewData.ID = 1
        NewData.name = "Name One"
        DataList.Add(NewData)
 
        NewData = New Data
        NewData.ID = 2
        NewData.name = "Name Two"
        DataList.Add(NewData)
 
        Dim ListBinder As New BindingSource
        ListBinder.DataSource = DataList
 
        ListBox1.DataSource = ListBinder
        ListBox1.DisplayMember = "Name"
 
        TextBox1.DataBindings.Add("Text", ListBinder, "Name")
        TextBox2.DataBindings.Add("Text", ListBinder, "ID")
 
        Label1.DataBindings.Add("Text", ListBinder, "Name")
        Label2.DataBindings.Add("Text", ListBinder, "ID")
    End Sub
 
    Private Sub TextBox1_Validating(ByVal sender As System.Object, ByVal e As System.ComponentModel.CancelEventArgs) Handles TextBox1.Validating
        If (sender.text.length < 5) Then
            e.Cancel = True
            errorlist.SetError(sender, "Name is too short!")
        Else
            errorlist.SetError(sender, "")
        End If
    End Sub
End Class
 
Public Class Data
    Private myName As String
 
    Public Property name() As String
        Get
            Return myName
        End Get
        Set(ByVal value As String)
            myName = value
        End Set
    End Property
 
    Private myID As Integer
 
    Public Property ID() As Integer
        Get
            Return myID
        End Get
        Set(ByVal value As Integer)
            myID = value
        End Set
    End Property
End Class
 

When I enter a name into the name textbox that fails the validating event, the invalid input is still syncronized to the bound data source. This is verified by the changes being propigated to the lisbox's display member, and also to the name lable.

You can see a screenshot of what is happening here;
http://imagebin.org/index.php?mode=image&id=26163

Clearly I am misunderstanding how this works. Canceling the validating event traps the users focus on the invalid textbox, which is great. It also stops the validated event from firing, also great. However, the invalid data is still syncronized to the data source which is causing all sorts of exceptions being thrown. Sure I could code another level of validation into the data class, but then why does the validating event exist? Why is the data still being syncronized when I cancle the validating event?

Can somebody please explain to me what I am doing wrong, or at least show me how to do this properly?

Thanks!
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