When you add an item, you automatically follow this item. Following an item means that when other members react on the item, or edit the item, you receive a notification. You are always up to date about the recent changes in the items you follow. A member who reacts on, or edits, an item also automatically follows the item. Notifications in the top menu navigates to your personal My notifications page. Here you will find a summary of all the (recent) changes in the items you follow. This makes My notifications a logbook. You can read more at My notifications.
Information about (un)following an item can be red at (Un)follow item.
It is also possible to receive notifications of the items you follow by email or (secure) RSS feed. You can read more at Receive notifications by email or RSS.
The webmaster can disable the RSS feed via Setup > General > Settings.
Besides the email or RSS feed with notifications, the report email still exists. In the report email you get an overview of the changes in a group. With Notifications you get more specific notifications of single items and single changes.