I've got an environment where I am preparing to roll out interface up/down status as a continuation of service where we monitor node up/down status (and other node data, but that's not important right now.) We've been busy trying to pull together node dependencies when I realized that adding in interface up/down status is going to add a whole new layer of dependencies and wondered if anyone else had run into this before. I've done some quick testing and, from what I can tell, if you monitor the interface and the node that if the node goes down only the node alerts. (This is good.)
My question is whether both the node and interface will show down if I go and yank the cable from the interface on the switch? I'm going to go and test that shortly but I thought I'd throw the question out there for posterity's sake (or when I forget the answer and search for it on Thwack again in a few months!). I suspect that the interface will show down and the node will show unreachable, especially if my theory of implicit dependencies holds true.
I suspect that this only works for upstream devices (ie switches) and not for yanking cables or disabling interfaces on the monitored node as being unable to ping a node is completely dependent on the interface being up 
Be well,
Josh