I am very interested in LaTeX Watch. Some people never experience slowdowns, especially with their Intel machines, but I have longed for something like this when formatting large documents.
It does make a big difference, especially if you need to compile via PostScript (e.g. if you're using PSTricks). For the document I'm working on at today, it takes more than a minute to generate a PDF file from the source, but only 5 seconds to update the preview using this script.
Even for documents that don't need PostScript specials, it's still several times faster on my machine.
Please do give it a try, when you have the time, and let me know whether it works (or if not, why not).
Thanks,
Robin