The application logs cron output (so you can search it later) and also alerts you (email and SMS) if a cron fails to run or is late.
I'm working towards alerts based on the cron output itself.
I'd love your critique and thoughts. If you're inclined, I'm in a competition to pitch this at an upcoming conference, and would appreciate your vote: http://www.futureinsights.com/app-it-out-vote
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