FileGuard

FileGuard is a Windows freebie developed to monitor changes in folders and subfolders.
The interface is the main element that makes everything so easy to use, mostly because it groups all options right in a single window.
Of course, you are first prompted to choose the target folder and the file types you wish to monitor, with support for the most popular formats on the market, including MP3, JPG, WAV, XLS and ZIP.
Supposed to run in the System Tray and log every single modification over the selected files, FileGuard can keep a record of any action, including size, name and security changes.
The configuration screen is the one that lets you set up most parameters, offering dedicated options to choose the changes to watch for, including the following: attributes change, creation time, directory name change, file name change, last access date, last write, security change and size change.
FileGuard doesn't hamper system performance and that's a very good thing given the fact that it's supposed to run all the time in order to monitor the selected items.
The downside is that FileGuard cannot work with multiple folders at the same time, as you aren't allowed to select more than a single directory.
Overall however, this is a handy project that needs just a few improvements to become the product we're all looking for. It needs only basic computer knowledge and doesn't affect system performance in any way.