Oh, yes!  I'm excited to try the new Update Status module for Drupal out.  The SMF Forum has had this notification feature for some time, though mostly for the "core".  It's a very nice feature to have for Drupal as it is getting very difficult to keep track of all the module updates.

Keep your Drupal 5.x site up to date with Update Status module -

Thanks to the hard work of several contributors, drupal.org can now automatically provide information about the latest official releases of drupal core and any contributed modules. The Update status module can check this information to tell you if your site needs to be updated. While it does not have information about development releases or modules acquired via CVS, if your site uses primarily officially released modules, you can easily tell which of your modules need to be updated.

This module will inform you that you are out of date by visiting the main administration page, and another page displays the status of Drupal and your installed modules. For more information, there is a Frequently Asked Questions available on the update status project page!

[Drupal.org]

Kudos to the contributors!