After sitting on this for a week I also started looking for excuse to present dynamic SQL, at least partially. But the reason for it to be so much NOT DESIRED lies in the history of this department and a 6.5 version of the app that was using nothing but dynamic SQL. When 7.0 came up they decided to convert, without any changes. The problem came the next morning, actually the morning after, when a process that used to run under an hour had to be terminated after running for 23 hours and not completing.
The presented sample of the formula is actually much more complicated, and I lose myself half-way-through when trying to design a logical model to fit the current and literally guess any future representations of this and other formulas.
It would be great to hear from someone with financial and/or statistical analysis experience how/if they conquered this situation. While waiting for a myracle I am questioning systems and business analysis people if they know what's going on in actuarial world well enough to just tell me that "The formula can change beyond recognition."
Using dynamic SQL to create a view is a very different thing than using it to actually run the view. If you dynamically create the view, that view is not functionally different than one you created manually at the Query Analyzer. As such, I don't think there is any reason to go for/against this solution on that basis alone.
There are other reporting tools that do a very good job of dealing with these kinds of problems. SQL Reporting Services is one of those tools. WebFocus from Information Builders is another.