Yesterday we finally released the version 1 for the SharePoint Trace View tool available on CodePlex.
SPTraceView analyses in real time the ULS trace messages coming from all SharePoint components and can notify you using a balloon-style tray bar messages when something of interest happens. This functionality is targeted mainly for people that develop and/or test custom SharePoint applications. It could be also useful to administrators to diagnose and troubleshoot their SharePoint farm. 
As soon as you run it, SPTraceView will start receiving all messages from SharePoint.
Features:
- Receives messages directly from the ETW logging system.
- Easily enable/disable processing of the messages.
- Process them and filter based on different criteria.
- Balloon-style real time notification.
- Log to xml files.
- Trace to the Debug View for further filtering and processing.
- Monitor entire Farm remotely.
- Automatic update notification.
You can download the current version from here: http://sptraceview.codeplex.com/releases
Also a version supporting SharePoint 2010 is available too and work is done to release a stable version soon.
In The Mix 