Fluid lipid bilayers are composed of two mono-molecular sheets held to
gether by weak van der Waals forces. Except for viscous resistance, th
e monolayers are Gee to slide relative to one another - giving rise to
a ''hidden'' degree of freedom within the composite structure. In thi
s paper, important effects of interlayer coupling are demonstrated thr
ough their influence on the static and dynamic features of undulating
bilayer vesicles. In particular, it is shown that the non-local bendin
g elasticity can modulate mean square undulatory amplitudes with a lon
g wavelength suppression similar to that of membrane tension; the two
effects are indistinguishable on the basis of spectral analysis. With
regard to conformational dynamics, we show that the two dissipative me
chanisms - namely interlayer drag and conventional hydrodynamics - are
important on different length scales. With the crossover length being
a fraction of a mu m, it is concluded that viscous resistance to conf
ormational changes is dominated by interlayer dissipation in the mesos
copic regime.