entr (http://entrproject.org/) provides a more friendly interface to inotify (and also supports *BSD & Mac OS X).
It makes it very easy to specify multiple files to watch (limited only by ulimit -n), takes the hassle out of dealing with files being replaced, and requires less bash syntax:
$ find . -name '*.py' | entr ./myfile.py
P. Talukdar, T. Brants, M. Liberman, and F. Pereira. Proceedings of the Tenth Conference on Computational Natural Language Learning (CoNLL-X), page 141--148. New York City, Association for Computational Linguistics, (June 2006)