One of the interesting things is that Microsoft Forefront for SharePoint and its advanced file filtering capabilities allow to set file filtering for both on-demand (reporting) and live scenarios. Also, since SharePoint stores it`s content in SQL database as a clear text - event if you have Rights Management enabled - Forefront is still able to pick up bad content and do filtering. One of the really good options is that no matter what users change file extensions to – Forefront will be able to get the signature of the file and recognize the actual format of the file restricted content.
Below we see Forefront for SharePoint 2006 and some of its filtering options:

One of the things you notice is that we can send notification to users and administrators either by email or on the screen. Here is how to set your notifications for various events and roles:

As you can see whatever advanced filtering capabilities are missing out of the box - can be achieved by Forefront. For those of you who are interested in a lab environment to explore, check out the VHD that supports above security scenario and more accessible here
Yaroslav Pentsarskyy, Microsoft MVP
Blog: www.sharemuch.com