EmailMonitorServlet functionality

We occasionally have email SmartNotes that bounce to our catch-all mailbox. We would like to have an automated process monitor this mailbox and notify us that there was a problem. I found mention of the Email Monitor, but cannot find documentation on what it does or how it works beyond that it updates an activity log.

Does it delete bounces from the mailbox after it processes them? Does it ignore messages that didn't start out as SmartNotes? Is what it writes to the activity log sufficient to be used to trigger a SmartNote to the admin?

Does anyone have any experience with it?

Thanks in advance!