Microsoft has released Installation Monitor as freeware.
"This command-line tool tracks changes made by Setup programs in any secondary processes they invoke, including changes to registry entries, files and .ini file entries. Installation Monitor creates an .iml file that documents all those changes, along with enough information to undo all the changes.
You can use Installation Monitor to track Setup programs that are causing problems. The information it generates can also be used to replicate system settings for specific applications."