Exactly. The catchup part is done by ControlCollection when you add a control dynamically...however postback data processing is done by the Page and it happens at fixed stages in the lifecycle. After the 2nd ProcessPostData, control would need to manually fetch the data from post collection.
If you need more details about the lifecycle:
http://weblogs.asp.net/eporter/archive/2003/07/15/10109.aspx
Thanks,
Teemu Keiski
Finland, EU