Thankyou for your feedback.
Information on the current functionality of alerts is covered in the wiki article on the labs:
http://labs.red-gate.com/index.php/Log_ ... and_Alerts
Unfortunately, it is not possible to configure alerts to send email notifications, but it is something we are considering for a subsequent update of the Log Shipping Monitor.
If you have any thoughts on what functionality you would like to see from such a feature, or some indication on what scenarios you would use this for (such as notification of long-running jobs, as you mentioned), we can include your feedback when we look into the next update of the Log Shipping Monitor.