Ok this will be real quick as I just saw this and it is dinner time. This is a screen shot of an alert I got from a team site in Office 2007 Server and viewed in Outlook 2007.
I think the picture speaks for itself. Just in case you missed look up there again. Do you see the yellow highlighted text that says Edited? That is right I changed the metadata for Our Offices from Cincy to Nashville and the alert told me so. Very cool! This feature deserves more review but right now I am hungry so a cool screen shot is all you get.