It really depends on what you are trying to do.
If you are looking to analyze your applications to see which ones are consuming lots of resources and/or are slow to render, then I would suggest that you use the scalability tools. They are designed to help you tune your applications to get the most out of your resources (RAM) as well as provide the best user experience (speed) that you can get. I always recommend using the scalability tools on each incremental update of an application so that I can compare the performance difference between versions and make sure that the experience remains optimized.
The scalability tools can be found here:
Unfortunately, this will not help with debugging point in time issues as it is not a real time monitoring tool. For example, if you have a memory spike at 3:54am they won’t help you there. You might want to use the Operating System Logs with a solution like this: