I am spoiled, and have been doing most of my LDAP work with eDirectory, which has a utility called DSTrace which is lovely, and for LDAP specifically, will show you all the bind attempts, the source IP's, the searches passed in, a summary of the matched objects returned.
When debugging an LDAP application, like SAP GRC I was trivially able to figure out what the application was doing wrong, just by watching what it did.
I know the Security Event log will have some of this information (bind attempts at least) but there has to be a better way? Is there any such functionality?
I see a question Debugging AD that is close, but only suggests login events. I need much more on a day to day basis to manage LDAP applications.
For real time monitoring of LDAP, you might try the Sysinternals ADInsight tool.
The Directory Service team blog has an article on configuring netmon to make LDAP more readable but it talks more specifically about ADLDS. It may suffice?
http://blogs.technet.com/b/askds/archive/2011/05/27/viewing-adlds-traffic-with-netmon-where-is-my-ldap.aspx
Basically packet capturing seems to be the "free" way of doing this.
-Lewis
Have you looked at LDP (ldp.exe), or are you seeking something more for monitoring LDAP in realtime?
http://support.microsoft.com/kb/224543
If you are looking for more realtime logging, you can crank up the event log verbosity with AD Diagnostic Logging:
http://technet.microsoft.com/en-us/library/cc961809.aspx