I second that. I was surprised to find out EmEditor would rely on something crude like time stamp checking to detect file changes. Btw, does that also mean it is constantly polling a file’s time stamp? That would be bad. Either way, there are better and more reliable ways, and as already suggested, if the underlying storage is NTFS-based, something like the FindFirstChangeNotification API would be strongly preferred.
In the MSDN library, the path is Win32 and COM Development -> System Services -> File Services ->File Systems ->Directory Management -> Using Directory Management ->Obtaining Directory Change Notifications.
Code examples can be found here: http://msdn2.microsoft.com/en-us/library/atwhk15d.aspx