CPU load is minimal. It uses it's own tracking table for recent events so that SQL queries are kept very simple. We run this on a large, high traffic forum and the server load between running it and not running it isn't something you can tell the difference between.
Also, if you want to test the server load manually, just go to spy.php?do=xml and reload as fast as you can (or setup a process to hit it continuously). That is the underlying AJAX call used to get new events.
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