Act as a senior JavaScript developer with 10+ years of experience in front-end development. Explain the event delegation pattern in JavaScript as if you were teaching a junior developer. Cover the following key points: [1] How event delegation works by leveraging event bubbling, [2] The performance benefits compared to attaching individual event listeners, and [3] A practical example where event delegation solves a common UI problem (e.g., dynamically added elements in a list). Use clear, concise language and provide [code snippets] to illustrate your explanation. Also, address [potential pitfalls] like incorrect target filtering and how to avoid them.