Let’s face it. BisSubscribe is a mess. It’s a fine command line tool, but how on earth do you know what the proper values are for creating a Filter statement. You don’t want ALL the build events, after all. Only those for Project X that have Failed. To express those filter items requires either experience (which is expensive and hard to get), or a good GUI tool. 
Let’s go with the GUI tool!
The Team Foundation Server Event Subscription Tool on Codeplex is one of the better tools. It not only has a UI for generating the filters, but it allows you to unsubscribe as well. Props to Jeff Atwood (of Coding Horror fame) and Michael Ruminer for updating this tool. And thanks to the hard work by Naren for creating the first pass at the tool. (I used to recommend Naren’s version, but this one supersedes his excellent work.)
(But for those of you who want the command line pain… Here’s the link to creating filters for BisSubscribe.exe manually.)
Let’s go with the GUI tool!
The Team Foundation Server Event Subscription Tool on Codeplex is one of the better tools. It not only has a UI for generating the filters, but it allows you to unsubscribe as well. Props to Jeff Atwood (of Coding Horror fame) and Michael Ruminer for updating this tool. And thanks to the hard work by Naren for creating the first pass at the tool. (I used to recommend Naren’s version, but this one supersedes his excellent work.)