In the past - on Internet gateway routers I would track the serial interface (say HSSI for DS3) with HSRP running on the inside fast ethernet interface. Generally I'd have two Internet gateway routers sharing an HSRP VIP on the inside. Today it is common for Internet providers to give you an ethernet hand-off for say a 100Mb or 1000Mb handoff to the Internet. The ISP facing FE or GE interface is unlikely to go down and is not a reliable guage of whether connectivity to a peer is up or down. What would really be ideal would be if HSRP could track BGP states. e.g. if a connection to ISP A off inetgateA goes down - the inside HSRP VIP becomes active on router inetgateB. As far as I know that's just wishful thinking. But clearly other engineers have to deal with this. What approaches are you taking.
For reference here's Cisco DOC on HSRP. Note how tracking only refers to interface upness which isn't much help with an ethernet handoff..
Michael