A long time back (.NET 1.0 prelaunch) I experienced incredulity when I realised that the new languages had no version of eval.
I found a solution back then. The little publicised JScript.NET does work. I wrote a tiny JScript assembly that did the job. I passed in some objects and code (string). The code in this case sat in a database and gave me ways to construct objects on the fly without being limited by compilation.
Some issues are:
1) Code is in JScript.
2) JScript seems to lack a passionate evangelist like Don. I'm not sure what the future is, in fact I haven't used it for some time.
3) I got a slew of suggestions which involved a lot more work than the solution I picked. (Peter Torr and Eric Lippert spring to mind as potential sources of futher information, as does LSharp. I suspect the status of the latter is research finished, no or slow progress from here on.)
(I haven't yet seriously looked into doing that job with F#, but would be genuinely surprised, and disappointed, if a reformulation didn't offer a way.)