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Pro Colorized output
Logfiles can be displayed colorized. Colorization can be set via regular expressions. There's also a selection of pre-defined color schemes available to choose from.
Pro Can monitor each logfile in a separate window
MultiTail can create a windows for each monitored logfile (via ncurses). Terminal can be split horizontally and vertically as needed.
Pro Allows filtering lines
Through regular expressions certain lines can be filtered.
Pro Interactive interface
Pro Can monitor wildcards
MultiTail can be set up so that most recently updated file matching a wildcard will be monitored.
Pro Can merge inputs
MultiTail allows merging multiple logfiles and commands in a single window. To merge:
multitail file1.log -I file2.log.