Equilibrium and dynamic electrowetting behavior of ultrathin liquid films of surfactant (SDS) laden water over silicon substrate (with native oxide) is investigated. A nonobtrusive optical method, namely, image analyzing interferometry, is used to measure the meniscus profile, adsorbed film thickness, and the curvature of the capillary meniscus. Significant advancement of the contact line of the liquid meniscus, as a result of the application of electric field, is observed even at relatively lower values of applied voltages. The results clearly demonstrate the balance of intermolecular and surface forces with additional contribution from Maxwell stress at the interline. The singular nature of Maxwell stress is exploited in this analysis to model the equilibrium meniscus profile using the augmented Young-Laplace equation, leading to the in situ evaluation of the dispersion constant. The electrowetting dynamics has been explored by measuring the velocity of the advancing interline. The interplay of different forces at the interface is modeled using a control volume approach, leading to an expression for the interline velocity. The model-predicted interline velocities are successfully compared with the experimentally measured velocities. Beyond a critical voltage, contact line instability resulting in emission of droplets from the curved meniscus has been observed.