If updated frequently and Hardware is sufficient for hits, then you should generate the pages dynamically when the user requests them. This is the most common way to do things.

If updated frequently and Hardware is insufficient for hits, I would deliever the pages statically, and have a cron script go along every hour or 1/2 hr or whatever you thing a good frequency is and update all pages. Static page delievery is much easier to handle than dynamic, and the infrequent updates should not slow the server down.

If updated infrequently and Hardware is sufficient for hits, this is the overkill situation :-), you can opt for a dynamic or static system. But if you think your system will grow, you may want to do it statically.

If updated infrequently and Hardware is insufficient for hits, have the approprate static page update after it is modified by your editor, and delieve the static pages.

Of course, the specific situation may differ as you go along, or for certain areas of the site. You need to judge how everything works and assertain your site performance to see if you need to favor static over dyanimic pages.