The program offers three different types of monitoring. The first focuses on the file activity from the point of view of the application itself. The second lets you do the same from the perspective of the system files. And the last one lets you 'oversee' files from the Windows manager.
In addition to this, MultiMon lets you monitor the clipboard, keyboard, and activities in progress. If you're interested, the result of your activities can be exported in a text document where you can clearly see all the information.
MultiMon is a tool geared toward people with relatively advanced IT knowledge. If this isn't your case, you probably won't find it very useful.