If you move content that is currently in a monitored folder to a non-monitored folder, the likelihood is that we will see that as a deletion and remove the file from the device. However, once you've moved it, you can do as described here, and drag and drop it from its new location onto the Collection window, which will add it back to the collection (and resync it if appropriate) with no particular problem. Furthermore, changes to the content in the non-monitored folder will be, well, not monitored. :-)
Andy
Zune Product Team
.: This posting is provided "as-is" with no warranties, and confers no rights :.