Related link: http://www.googlert.com/
While he wasn’t inspired by my call for Googlyeyes, a Google APIs application idea, Gideon Greenspan has done a great job of putting together the application I was wanting. Googlert takes your Google searches and re-runs them periodically, sending you the new results. This is great for applications like finding new articles about a company, or new Web sites about a topic of interest. Most excellent.
Another similar application
Take a look at http://www.searchalert.net/ - this does the same stuff.
It also has 'affiliate' support, where another site can integrate the 'subscribe' ability via a simple html form and also use templates for the notification.