We have an old java app wrapped as a service that essentially is a while loop, which iterates through folders looking for new files being created.
Apart of being a little inconsistent with big files, it works well, but makes me wonder if this is still a very basic approach or if it is the only approach when it comes to “look for updates” apps
If you are using Java 7, you can use the WatchService API. This article provides a good introduction.
WatchService is more efficient than polling if the OS supports it, and it will automatically fall back to polling if the OS does not support any more advanced way of watching the file system for changes.