IDERA SQL Diagnostic Manager for SQL Server offers customizable alerts for granular detection and supports real-time 24/7 monitoring. It facilitates issue investigation among multiple users, provides disk space projections, and historical data review for diagnostics. However, it lacks robust performance monitoring compared to SentryOne, needs extensive alert customization, and has limited change tracking and reporting features. Security issues arise due to excessive user rights during setup, and handling of large data volumes requires improvement.