There are at least three ways.

1. Watch the boxes in near real time using Cisco Transport Controller (CTC). Pros - easy to use, interface allows you to control the box as well (or not, depending on the user's access level). Cons - doesn't scale well since you only see one box's alarms in a given window.

2. Roll up the devices' status into the Cisco Transport Manager (CTM) product. Pros - scales to large network sizes. Cons - cost and yet another app to watch

3. Configure the devices to log/trap to a third part network manager like Openview or something like Entuity Eye of the Storm (EoTS). Pros - integrates with your other network devices' status, potentially delivering root cause correlation. Cons - can become VERY expensive (typically >> US$100,000) in terms of total cost of ownership.

You can do #3 in a more quick and dirty manner by using something like an open source syslog analyzer. (For example, Kiwi: http://www.kiwisyslog.com/kiwi-syslog-server-overview/)

Hope this helps. Please rate helpful posts.