SheerSEO might have a funny name but it certainly seems to be very useful!
What it does is checks and reports your search positions for your most wanted keywords. Because it is automated (and currently free!) you can save a lot of time, time that you can put towards improving those rankings.
The site allows you to add up to 200 keywords to check for your site ranking: The interface to add the words is straight forward to use. The current number of keywords sheerseo tracks is 200 but I am sure they will be expanding this in the future.
Which SEO software do you use?