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
R. Koeling, D. McCarthy, and J. Carroll. Proceedings of the conference on Human Language Technology and Empirical Methods in Natural Language Processing, page 419--426. Stroudsburg, PA, USA, Association for Computational Linguistics, (2005)