Here's a thread worth following and continuing. It deals with things every company should be monitoring (and resulting implications). I have contributed items 18-23....

Started by Cameron Olthuis on his blog, Pronet advertising:

Company name
Company URL
Public facing figures
Product names
Product URLs
The industry “hang outs”
Employee activity/blogs
Conversations
Brand image
Competitors

Amplified by Steve Rubel on his blog, MicroPersuasion.

Extended by Jeremiah Owyang on his blog, Web Strategy by Jeremiah.

11. Images/video like YouTube and Flickr

12. Tags and Social search tools like Del.icio.us

13. Social Voting tools like Digg.com and Techmeme.com

14. "Advanced Listening"

15. Feedback URL and link threads

16. “Voice of the Customer” log to track sentiment, instance, and/or voice.
17. Develop new roles such “Brand Monitor” or “Blogosphere Watcher”

...and enhanced by me on Jaffe Juice:

18. Self-clipping services like Google or Yahoo alerts for keyword mentions, but also audio and video hits as well...services like PodZinger for example to ascertain conversational audio levels

19. Utilize RSS and aggregators like Bloglines in order to aggregate, integrate and assimilate all relevant incoming and outgoing moments of truth (perceived truth perhaps, or even truthiness according to Rob Stevens)

20. Use wikis like PmWiki to discuss and debate pretty much everything from 1-19 and most importantly attempt to turn all the talk/conversation into walk/action.

21. (ending on 20 would have been so contrived) Repeat steps 1-20 to look outside of your own circle. Evolve the perspective from yourself, through your direct competitive set to your indirect competitive set and ultimately to your aspirational/non-endemic/non-competitive set. This is where you want to follow the leaders so to speak - Apples, Nikes, Googles or whichever company you admire.

22. Create a PROACTIVE capability/budget in order to QUICKLY execute against everything you're monitoring - specifically opportunities like Fedex Furniture, Tiger Chipping in on the 16th.

23. Conversely, have a REACTIVE process in place to comprehensively and compellingly respond, especially when you're on the bumpy receiving end of the stick.

What else would you add?