How’s it work? Load up the current prototype (read: very alpha… VERY alpha) ajax proxy; set your IE to use localhost:8888 as a proxy server, and browse to your development or public AJAX sites. To view the log, browse to a fake url as noted in the documentation.
To download this tool, go here.
For documentation, and the “getting started guide”, go here.
Finally, there’s a note that the AJAXView tool is licensed for “academic and non-commercial use” (as specified by the IEBlog) at this time. While I’m not sure exactly how you’d use a alpha prototype “monitor” in full commercial environment, the fine print is there for our enjoyment.