I got rid of the hardware monitor after a while- after a few weeks of the chip never getting warmer than about 70. It just takes up memory that can be better employed for other things. AMD processors do run hot though, especially the faster ones, but as long as your fans are all working it should be fine.
I think I lost a hard drive to heat - which the hardware monitor wouldn't have helped with. Brand new 80Gb 7200rpm Barracuda lasted about 6 months. I mounted a fan to cool the disks and no further problems.