The titled 2,1-benzazaphosphole (1) (i. e. ArP, where Ar=2-(DippN=CH)C 6 H 4 , Dipp=2,6-iPr 2 C 6 H 3 ) showed a spectacular reactivity behaving both as a reactive heterodiene in hetero-Diels-Alder (DA) reactions or as a hidden phosphinidene in the coordination toward selected transition metals (TMs). Thus, 1 reacts with electron-deficient alkynes RC�CR (R=CO 2 Me, C 5 F 4 N) giving 1-phospha-1,4-dihydro-iminonaphthalenes 2 and 3, that undergo hydrogen migration producing 1-phosphanaphthalenes 4 and 5. Compound 1 is also able to activate the C=C double bond in selected N-alkyl/aryl-maleimides RN(C(O)CH) 2 (R=Me, tBu, Ph) resulting in the addition products 7-9 with bridged bicyclic [2.2.1] structures. The binding of the maleimides to 1 is semi-reversible upon heating. By contrast, when 1 was treated with selected TM complexes, it serves as a 4e donor bridging two TMs thus producing complexes [μ-ArP(AuCl) 2 ] (10), [(μ-ArP) 4 Ag 4 ][X] 4 (X=BF 4 (11), OTf ( 12)) and [μ-ArP(Co 2 (CO) 6 )] ( 13). The structure and electron distribution of the starting material 1 as well as of other compounds were also studied from the theoretical point of view.