watch is definitely the best answer if you've got it. But for completeness, you could simulate something crudely similar with a simple bit of shell-script:
while (true)
do
date
ls -lrt | tail -n 10
sleep 2
clear
done
Another way could be using diff. This one will also point out if files are removed that used to be present. An advantage is it doesn't clear the terminal, so you can see the complete record of all changes by scrolling up. A disadvantage is that it creates two temporary files to manage the state change reasoning.
ls1="/tmp/listing1.dat"
ls2="/tmp/listing2.dat"
ls -lrt > ${ls1}
ls -lrt > ${ls2}
while (true)
do
diff ${ls1} ${ls2} | grep '[<>]'
sleep 2
cp ${ls2} ${ls1}
ls -lrt > ${ls2}
done
watch -n1 ls? – jordanm Sep 11 '12 at 1:34