Few people asked for dynamic datepicker options. In my case I needed a dynamic date range - so the first input defines the min value of the second and the second sets the max value for the first. I solved it by extending the RP Niemeyer's handler. So to his original:
ko.bindingHandlers.datepicker = {
    init: function(element, valueAccessor, allBindingsAccessor) {
        //initialize datepicker with some optional options
        var options = allBindingsAccessor().datepickerOptions || {},
            $el = $(element);
        $el.datepicker(options);
        //handle the field changing by registering datepicker's changeDate event
        ko.utils.registerEventHandler(element, "change", function() {
            var observable = valueAccessor();
            observable($el.datepicker("getDate"));
        });
        //handle disposal (if KO removes by the template binding)
        ko.utils.domNodeDisposal.addDisposeCallback(element, function() {
            $el.datepicker("destroy");
        });
    },
    update: function(element, valueAccessor) {
        var value = ko.utils.unwrapObservable(valueAccessor()),
            $el = $(element);
        //handle date data coming via json from Microsoft
        if (String(value).indexOf('/Date(') == 0) {
            value = new Date(parseInt(value.replace(/\/Date\((.*?)\)\//gi, "$1")));
        }
        var current = $el.datepicker("getDate");
        if (value - current !== 0) {
            $el.datepicker("setDate", value);
        }
    }
};
I've added two more handlers corresponding to the options I wanted to modify:
ko.bindingHandlers.minDate = {
    update: function(element, valueAccessor) {
        var value = ko.utils.unwrapObservable(valueAccessor()),
            current = $(element).datepicker("option", "minDate", value);
    }
};
ko.bindingHandlers.maxDate = {
    update: function(element, valueAccessor) {
        var value = ko.utils.unwrapObservable(valueAccessor()),
            current = $(element).datepicker("option", "maxDate", value);
    }
};
And used them like that in my template:
<input data-bind="datepicker: selectedLowerValue, datepickerOptions: { minDate: minValue()}, maxDate: selectedUpperValue" />       
<input data-bind="datepicker: selectedUpperValue, datepickerOptions: { maxDate: maxValue()}, minDate: selectedLowerValue" />