According to this e-mail from Andrew Morton, he's going to try and push Inotify in to the mainline kernel for 2.6.13. And all Beagle users rejoiced!
UPDATE: Read this again and he says more slogging needed. Whatever that means. With all the Beagle users using this already, I'm not sure what the concerns are as "concerns about the userspace API and internal implementation details" is kinda vague.