Considerable research has been performed in applying run-time reconfigurable component models to the domain of wireless sensor networks. The ability to dynamically deploy and reconfigure software components has clear advantages in sensor network deployments, which are typically large in scale and expected to operate for long periods in the face of node mobility, dynamic environmental conditions and changing application requirements. To date, research on component and binding models for sensor networks has primarily focused on the development of specialized component models that are optimized for use in resource-constrained environments. However, current approaches impose significant overhead upon developers and tend to use inflexible binding models based on remote procedure calls. To address these concerns, we introduce a novel component and binding model for networked embedded systems (LooCI). LooCI components are designed to impose minimal additional overhead on developers. Furthermore, LooCI components use a novel event-based binding model that allows developers to model rich component interactions, while providing support for easy interception, re-wiring and advanced features like distributed garbage collection and generic fault tolerance. A prototype implementation of our component and binding model has been realised for the SunSPOT platform. Our preliminary evaluation shows that LooCI has an acceptable memory footprint and imposes minimal overhead on developers.