Analogue good too
If you want to spend about a third of what you'll spend for one of those fancy digital logging analyzers, and just want to watch EGT and CHT (1 or all 4), read on. I've been very happy with my KS Avionics Mixure Mizer II. The web site is not great, but gives you an idea:
http://www.ksavionics.com/products/94544-2295/catalog_mixturemizers_for_singleengine.asp
Mine has four EGT probes, and a single CHT. You can only monitor a single signal at a time (other models have additional display), but the analogue circuitry responds to changes nearly instantly, and with infinite variability (no bars, just a moving needle), showing the slightest change in either direction.
Of course, if you need a computer in your panel, you should probably get the EDM-700. I like to keep it simple (like my airplane).
This kind of set up lets you directly watch an amplified signal from the probe. It's much more informative not only because it's a moving needle, rather than a stack of bars, but also because the circuitry allows you to move the needle, and only watch the part of the range you're interested in, with greater resolution.
Speaking of the probes, KS Avionics is very proud of theirs. They write:
About KS Avionics Probes:
KS Avionics is known for top quality probes, and supplies probes to other avionics manufacturers as well.
I talked to the owner/engineer/founder at a show (it's a small company), and he told me they supply probes to JPI.
The device also has a good visible yellow blinky light to indicate shock cooling, or overheating.
I've had occasion to call KS Avionics to ask obnoxious questions, and they have handled me very well. The bezel ring that came with mine seemed to be missing, and while they insisted that they had shipped me one, they replaced it at no cost (they were right, after I got the replacement, I found the one lost tucked under the bottom flap of the box it came in, where it had slid in during shipment).
Anyhow, don't go digital for this on a simple four banger, use this less expensive analogue device and you'll be happy. (You weren't really planning on downloading all that logged data anyhow, were you?)