  We consider the problem of continuous quantum measurement of coherent
oscillations between two quantum states of an individual two-state system. It
is shown that the interplay between the information acquisition and the
backaction dephasing of the oscillations by the detector imposes a fundamental
limit, equal to 4, on the signal-to-noise ratio of the measurement. The limit
is universal, e.g., independent of the coupling strength between the detector
and system, and results from the tendency of quantum measurement to localize
the system in one of the measured eigenstates.
