A while ago I created the (free!) IdeDebug addin to assist with various debugging related things. At the time the only real option for monitoring debug output was DebugView from SysInternals. Recently, @MarkGoldberg came accross the really neat DebugView++ and it turns out you can use this as a direct replacement for DebugView to embed debug output monitoring in the IDE using the IdeDebug addin!
After installing the addin you can specify the path to your debug viewer like this: