What is the structure of event observers, and how are properties accessed therein?

Q. What is the structure of event observers, and how are properties accessed therein?

for checkout/cart after adding product,
Mage::dispatchEvent(’checkout_cart_product_add_after’, array(’quote_item’=>$result, ‘product’=>$product));
to call,
$observer->getEvent()->getQuoteItem() and $observer->getEvent()->getProduct()

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