How do "you" monitor event logs in SCOM 2012? Need opinions.

Question

Fairly new to SCOM. Do you monitor all event logs? Just warnings and critical? How do you filter out things you don't want to see?
Looking for opinions here not just a "how-to".
Thanks,

Answer 1

Steps in creating a Event based Alerting Rule.
1. Open the Operations Manager Console. 
2. Go to Authoring. 
3. Under Authoring - Management Pack Objects - Select Rules 
4. Right click on Rules and select - Create a new rule 
5. Select Alert Generating Rules - Event Based - NT Event Log (Alert) 
6. On the same screen select your destination management pack and click Next 
7. Give a name to your Rule and optionally give it a Description. 
8. Rule Category can be anything you like. 
9. Select the Rule Target as the class of your choice, normally it can be Windows Computer. 
10. Make sure the Rule is Enabled and select Next. 
11. Select the Event log name from where event will be monitored and click Next.  (for example Application or System
or Security) 
12. Build the Expression to filter the events with the below details: 
     a. Parameter Name = Event ID, Operator = Equals and Value = (any event id of your choice) 
     b. Parameter Name = Event Source, Operator = Equals and Value = (any source of your choice) (you
may delete this filter if you want) 
     c. Click on Insert button at Top and it will put the cursor at Parameter Name, click square button
with 3 dots [...] and it will popup another screen. 
     d. In that box, select the 3rd radio button named 'Use parameter name not specified above' and there
manually type 'EventDescription' (without quotes) and click OK. 
     e. Then come back to filter screen, now here you will see Parameter Name = EventDescription, and
for Operator select Contains and then for Value you can type any word you want to key on from the Event description. 
13. After building the desired Expression, click Next. 
14. Configure Alerts as you like and click the Create button.
To get the Alerting event details. Go to Start menu and in Run window type eventvwr.
And put the details on the wizard as per the below screenshot.
Refer: http://blogs.technet.com/b/operationsmgr/archive/2008/11/12/opsmgr-2007-how-to-create-an-alert-rule-based-on-an-event-description.aspx
Gautam.75801