Papertrail provides hosted log management.
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Pro Simple interface
The default view is mostly taken up by log events with a small row at the bottom for entering a search query, setting date range, accessing saved searches and enabling or disabling real-time logging.
Pro Easy set-up process
To set Papertrail up, logs simply have to be directed to a URL provided by Papertrail.
Pro Event and search updates can be viewed in real-time
By default log events and searches in Papertrail are updated in real-time.
Pro Logs can be colorized via third-party software
Logs can be colorized by installing Stylish, a browser extension for Chrome and Firefox that overrides CSS stylesheets, and writing a custom stylesheet.
Papertrail's log entries have various attributes that can be used to change css properties for specific programs or systems, or based on message contents.
Logs can also be colorized within the actual logs by adding ANSI escape codes (will override user-specific colorization).
Con Ridiculous Free Plan
Unfortunately, compared with other competitors, their free plan comes with only 100MB/month.
Con No built-in graphing
Papertrail can integrate with Librato Metrics and StatHat to graph event occurrence count over time, but there's no built-in way to visualize data.