In VMware Infrastructure 3, the one area that the vCenter Server needed to do a better job was its built-in alarms and alerting. So, one vSphere 4 objective was to increase the breadth of built-in alarms. This saves administrators time with PowerShell, as the only way to achieve full safety is to script alerts and send e-mails.
The good side is that you can put in a lot of handling and specific criteria for the thresholds — well, at least as good as you can script them. The bad side is that the vCenter Server database doesn’t track these events to the affected object (datastore, host, VM, etc.).
Read the entire post on the Everyday Virtualization blog at Virtualization Review.

