It also verifies that the admin email address and nameservers have not been changed. It will alert you when changes are made or if your domain is expirying in the near future.
Also consider using this to monitor for domain names you are interested in registering but are already taken. You can get notified when they are about to expire.
Nothing special needs to be configured or added to the domains you are monitoring. Simply add them to your list and begin receiving notifications.
This app allows you to login using Facebook and Twitter so no passwords to remember.