I'm of the opinion that Euthyphro should have been the one asking Socrates the questions. Roughly, the modern defender of the alleged dilemma asks, "is something good because God wills it, or does God will something because it is good?" Let's tackle this question by separating each part of the disjunction:
A. X is good because God wills it.
B. God wills X because X is good.
Now, in order for this to be a true dilemma, B must be the negation (or the equivalent to the negation) of A. Otherwise, the disjunction that Socrates presents is a false dilemma. Euthyphro should have asked Socrates why A and B are contradictory. Why can it not be the case that both A and B?
In debating the question over the years, it has become clear to me that defenders of the dilemma are making a very crucial assumption. What the Euthyphro Dilemma requires in order to work properly is the implication that B entails independence of God. A and B should really be rephrased like this:
A'. X, which is good, is dependent on God.
B'. X, which is good, is independent of God.
Obviously, A' and B' are mutually incompatible, but this raises an even more obvious question: why not simply state the dilemma like this? The answer is likely that Euthyphro would have simply affirmed A'. Hence, there is no dilemma for him to consider. What Socrates and his modern counterpart have to defend is that B entails B'. Are there any forthcoming arguments to support this? I doubt it. In any case, the theist should not accept the burden of proof in trying to explain away the (false) dilemma. Rather, the dilemma's defender ought to accept responsibility for arguing that B and B' are ultimately identical.