HitMonitor? I ahven't heard that one yet..is that the sidebar thingie that comes up on my dashboard since I installed TM? Gah I feel like a complete moron lol.
That little side bar is part of TurkMaster.
Hit Monitor, I believe, is a script that allows you to set specific key words to watch. Mostly requester names. And then at X second intervals, the script will refresh and do a search for all of your keywords at once.
So if you set your keywords to "google" "endor" and "zoltar", every X amount of seconds the script will refresh and search Mturk for any hits that contain "Google" "endor" or "zoltar".
It saves on page requests, because instead of running one alert for each individual requester/HIT, it can use one page request to look for a bunch of requesters/HITs.