You can see the full log of errors with diagnostics from the 'Results Log' menu item. You're right, there should be a link to the log from the dashboard items.
Right now every hour (it may change). The service round robins checks from monitoring stations basically at AWS and Rackspace datacenters. This makes sure the site is reachable from points around the planet and that the certificate is functioning properly. So, in a way it can be used as an external site monitor for downtime. However, that is not its main purpose.
There is an API - REST/JSON based but not yet documented. It will be available soon. With the API, you can get results to pull into your own systems. The application is 100% API based, including being able to add your own monitors without going through the website.
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