Splunk (and the cloud-compatible Splunk Storm) are wonderful indexers of logging data and allow easy search, alerting, and graphical dashboard creation.
Ranked in these QuestionsQuestion Ranking
Pro Widely used
De facto standard for log aggregation, monitoring, analysis and reporting.
Pro Easy to use, powerful search
It's human readable, intuitive, fast and with auto-complete to boot. And if you need more advanced functionality out of your queries, 120+ page search manual will give you an insight in how much is actually possible.
Pro Free version
With restrictions on log size and devices a free version is available.
Splunk can turn searches into alerts.
Pro Real-time graphs
You can create visualizations that update in real time.
Pro Scales effortlessly
It is built for enterprise use, meaning it scales easily.
Pro Extendable via a large selection of apps
Pro Understands data in any format or language
OS X, Linux & Windows are supported. You can also access Splunk from iOS and Android devices.
Splunk is pretty expensive compared to other solutions.
The interface and service are very antiquated