Backbone.Events.extend does not exist,
so I will refer to Backbone.Model instead.
_.extend(target, mixin1, mixin2)
is going to copy properties into the target object
Backbone.Model.extend is going to subclass
Backbone.Model basically make a constructor (function) whose prototype has your provided properties. This will allow you to make instances of your new class
var Person = Backbone.Model.extend({name: 'yourName'});
var me = new Person();
alert(me.name);
while _.extend
would fail
var Person = _.extend({name: 'yourName'}, Backbone.Model);
var me = new Person(); //error b/c Person is a regular object
alert(me.name);
In short Backbone.Model.extend creates a new constructor (function), while _.extend modifies an existing object;
var modified = {};
alert(modified === _.extend(modified, Backbone.Model)); //true
alert(modified === Backbone.Model.extend(modified)); //false