I find that http://www.baremetalsoft.com/baregrep/ is useful for searching logs for things.
And for watching the log file as it updates live there's http://www.baremetalsoft.com/baretail/, you can even have it highlight lines containing keywords using various colors...
I just have the free versions, but I find them useful enough that sometime when I have more money I might get the paid versions, maybe even upgrade to Pro while I'm at it. (There's free and paid versions of both the normal and Pro versions of those programs.)