I don't see advantages of using events over delegates, other than being syntactical sugar. Perhaps I am misunderstanding, but it seems that event is just a placeholder for delegate.

Would you explain to me the differences and when to use which? What are the advantages and disadvantages? Our code is heavily rooted with events, and I want to get to the bottom of it.

When would you use delegates over events and vice versa? Please state your real world experience with both, say in the production code.