Enterprise Vault by it's nature is a "background" engine, and thus does not have much in the way of real time monitoring tools.
This is a method of watching EV working in real time. It is particularly useful for monitoiring Journaling Mailboxes, which have constant activity, but works just as well during archiving, providing you are watching while archiving is actually taking place.
You may need to manually run an archiving task to trigger activity.
This is premised on the Fact that EV uses the Exchange "Message Class" to identify EV Objects like shotcuts, and pending items, and tie them to the appropriate Exchange Forms to display the correct icons and content.
Ensure that the archiving schedule allows Archiving and / or PST Migration at the time you want to monitor the process in outlook.
Open users outlook
Display inbox (or folder of interest)
Add columns to the display Outlook 2010
Click View Tab > Add Columns
In the Drop Box select All Mail Fields
Scroll down in Available Columns > Select "Message Class"
Double click the Massage Class COlun Header to sort
Click Expand/collapse to Collapse ALL
Add Columns to the display Outlook 2007
Right Click on a column Header - Customize Current View
Drop Box - All Mail Fields
Scroll down list - Select - Message Class - ADD - OK
Back in the Inbox View
Double Click Message Class Column Header to sort by Message Class
View - Arrange By - Show In Groups
Right Click on a Class Header & Select Collapse all
You should now see all classes with the number of messages in each
Check the Enterprise Vault Classes
You should see the normal note class increasing as mail arrives, and decreasing as journaling or archiving occurs
EV Pending Increasing as items are identified for arciving
EV Pending Decreasing as messages are archived.
NB If Safety Copies are enabled on the Vault store, Pending items are only converted to shortcuts after the next backup.
EV Shortcut items increasing as items are deleted from Exchange.
Something like this (taken from a journaling mailbox, thus no shortcuts) :-
Once you have the idea you can vary the actual setup for your particualar purposes.