If you monitor all Unity generated _errors_ (not warnings or info) then you should be fine - this is how the tool was designed to be used. What I normally suggest for folks is to turn that one by default and if you get messages you don't want to hear about in the future, add them to the ignore list. In general recent versions of Unity (3.x and earlier not so much) are reasonably well behaved and only log errors that are legit - you shouldn't be getting a lot of chatter in the event logs.
