TrackFolderChanges is a simple application that displays in real time any changes to the file system (you can also restrict the search to a specific folder and its subfolders).
New files and folders are displayed in green, modified files in blue and deleted ones in red. Note that items will appear as soon as there is something to show, unchanged folders are not displayed. Right click an item to copy its path or to open its parent folder.
The application is written in C# and the source code is available on Codeplex.
Download | Track Folder Changes 1.1