The Cisco product CiscoWorks LMS will certainly do waht you want - along with 1000 other things. Buying it (at US$20,000 or so) would be overkill for up/down link status monitoring. Likewise the big names like HP OpenView, CA Unicenter, etc. Cisco used to sell an entry level product (CiscoWorks for Windows) but they don't offer that anymore. CiscoWorks Small Network Manaqgent Solution (SNMS) is the successor product but it doesn't appear to be getting much development attention. See http://www.cisco.com/en/US/partner/products/sw/cscowork/ps2408/index.html for more info on that.
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The Campus Manager component of CiscoWorks will show link status after a fashion but is really not designed for near real time link monitoring. It use the the underlying ANI engine which is more of an asynschronous monitoring tool. The Device Fault Manager component of CiscoWorks is more useful in that regard; but, as I mentioned earlier, is part of a much more comprehensive solution set.
Your inquiry was specific to the fault management domain. CiscoWorks addresses Fault, Configuration, workflow, and other aspects of network management.
As mentioned, the WAN Manager tool is more for Cisco's WAN (e.g., ATM - old Broadcom line) products. It is not for an IP router environment.
Cisco appears to have made a conscious decison to move out of the low end network monitoring tools. They address entry level configuration management via applications such as Cisco Network Assistant, but appear to be leaving fault management primarily to third parties.
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