As Skip stated, prox probes have there usefulness, but I don't feel as though bearing fault detection is one of them. When trying to detect bearing faults, most analysts are looking for signs of "impacting", not relative shaft displacement (motion). As I stated in my first reply, early bearing degradation shows up first at the ultrasonic level which will not be picked up using a Prox probe. This period is where an analyst would like to catch bearing faults. The bearing can then be monitored and trended. If I or any other analyst were to see a rapid upward trend in energy begining in the high frequency range then migrating to lower frequencies (typical of bearing iminent failure pattern) Then a judgement call can be made. Personally, I feel if you see an increase in relative shaft displacement associated with a bearing, then the bearing is on it's "last leg" and should be replaced ASAP. Even with sleeve bearings there are better methods for early detection. Oill analysis for example. When you see babbit material in your oil samples, dependent upon particle size and concentration, severity can be determined, and appropriate action taken, all before relative shaft displacement would have detected the fault.
Regards,
MICJK