If I just wanted to track certain bugs, as they go through life, can I set it up to alert me via email whenever that bug changes, whether it be owner, status or description etc.?

Submitted by: Administrator
Yes. Place yourself in the "cc" field of the bug you wish to monitor. Then change your "Notify me of changes to" field in the Email Settings tab of the User Preferences screen in Bugzilla to the "Only those bugs which I am listed on the CC line" option.
Submitted by: Administrator

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