Harshad,
L4 Traffic Monitoring needs to be configured within the IronPort - first question is do you have a SPAN/TAP port set up on your switch to capture L4 traffic?
Second, I only use this feature to capture information on malware/spyware - I have seen P2P, IRC, and 'phone-home' traffic amongst other things. Do you have an infected host you can monitor?
BF