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It works only for Google (but hey, thats the only [b]important[/b] engine you're aim for, ain't it?)
It gives you an e-mail as soon as a new result comes for that keyword, you can track upto 3 keywords!
Its very useful really.
agentwebranking breaks Google's TOS.
Even though it uses the Google API? That's as far as I looked into it though. I just did a search for "google ranking api" and their site came up. Claims you have to register for an API.
From Google's Tos
You may not create any script or other automated tool that attempts to create multiple Google Web APIs accounts. And you may not use the search results provided by the Google Web APIs service with an existing product or service that competes with products or services offered by Google.
If you are interested in doing anything different than the foregoing, you must first obtain Google's written consent. If you fail to do so, Google reserves the right to take legal action.
Seems like you can create software like their's but you have to get permission from Google. Who knows if they did this though.