I just installed the Media Center Health Monitor on our Media Center. This application parses the Windows Event Log and presents the Media Center related events. In addition to displaying this information in the application itself, it will also upload the data to the Media Center Health Monitor web site, so you can see this information remotely. You can also configure this application to email status changes and post them to Twitter. I created a twitter account for my media center and I followed it with my personal account.
There is also Windows Home Server add-in, that will let you view this information for all of your media centers, without logging into the web site.