I have a Google Alert, which I set to be delivered as an RSS feed as-it-happens
But is polling that RSS feed the only way to get RSS feed
or
is there a way to get notified from Google alert as the feed is published from Google? (say through a webservice, etc)
Google Alerts feeds support PubSubHubbub which essentially pushes notifications of updated content to you if you register on the feed's hub.
They're using the hub at pubsubhubbub.appspot.com
More info on PuSH here: http://code.google.com/p/pubsubhubbub/
Sounds like you want a PubSubHubBub for your alerts