This weekend I was hard at work tidying up the TfsAlert source base, fixing Vista breaking changes. This morning I finally migrated it to CodePlex. Right now we are actively working on the package for an initial release. We should have that released later this week.
If you download the source there are a few things to note.
There is one critical bug we are currently addressing. Right now if your network interface drops out and you are assigned a new IP we orphan that event subscription in TFS and don't get a chance to clean it up.