Dave Mercer has developed a cool new add-in to monitor the events on your WHS. He posted this to the WHS forums:
I’ve developed a new Add-In. It’s an NT-Service that listens on event logs and sends emails when events match specific RegEx’s. Its got a WHS Tab Extender for configuration. This is just a first version. I plan on enhancing it with monitoring of home server events and S.M.A.R.T. monitoring.
I’d really appreciate some comments and feedback so that I cane improve it. There’s a form mailer on my website to contact me.
You can find it at: http://www.davemercer.org/projects/WHSEventMonitor/default.aspx
Check it out, its really useful.

v1.0.1.0 is available
http://davemercer.org/projects/WHSEventMonitor/Re…
Version 1.0.1.0 – Oct 29, 2007
Bug Fixes based on user feedback
* Removed spurious tooltip and fixed typos – Jerry
* Clarified UI a little – Roy
o added tooltips
o changed Regex defaults in event grid view to default to "All" versus ".*"
o warning dialog if a user selects "All" for the event types in a log to avoid spam
* Changed msi name from SDK default – Simon
* I now allow for unauthenticated SMTP. – Jake
I cannot test this on my hosting service so pls let me know if it works.
* Fixed Aggregation timer bug that nobody has noticed
Important: Uninstall any old versions first. Failure to do so is an undefined situation.