One of the most popular way is to use MOM (now SCOM) and it will make things easy (?) for you to monitor the activity and keeping track of health of your infrastructure as well as applications.
Jakub Oleksy's article is going to give you more information (difference) on MOM and SCOM.
Here it is...
Differences between MCF in MOM 2005 and SCOM 2007
21 Nov 2006 2:25 PM