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