Thanks for the psuedo code and the consideration of implementing it if there's consensus, much appreciated.
I'm working on implementing monitors.txt for my own sites and will open it up to a few devs to get the API sculpted just right. After then I hope they'll be other monitoring services as keen as blamestella to have a go at it.
If there's some kind of consensus, now or later on, I'll implement it in our monitoring service (blamestella.com).