From what I understand, the "Sender" field is always supposed to refer to the object which holds the event subscription. If I had my druthers, there would also be a field holding information sufficient to unsubscribe an event should it become necessary(*) (consider, for example, a change-logger which subscribes to 'collection-changed' events; it contains two parts, one of which does the actual work and holds the actual data, and the other of which provides a public interface wrapper, the main part could hold a weak reference to the wrapper part. If the wrapper part gets garbage-collected, that would mean there was no longer anybody interested in the data that was being collected, and the change-logger should thus unsubscribe from any event it receives).
Since it's possible that an object may send events on behalf of another object, I can see some potential usefulness for having a "sender" field which is of Object type, and for having the EventArgs-derived field contain a reference to the object which should be acted upon. The usefuless of the "sender" field, however, is probably limited by the fact that there's no clean way for an object to unsubscribe from an unknown sender.
(*) Actually, a cleaner way of handling unsubscriptions would be to have a multicast delegate type for functions which return Boolean; if a function called by such a delegate returns True, the delegate would be patched to remove that object. This would mean that delegates would no longer be truly immutable, but it should be possible to effect such change in thread-safe manner (e.g. by nulling out the object reference and having the multicast delegate code ignore any embedded null object references). Under this scenario, an attempt to publish and event to a disposed object could be handled very cleanly, no matter where the event came from.