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.
MultiTail can create a windows for each monitored logfile (via ncurses). Terminal can be split horizontally and vertically as needed.
MultiTail allows merging multiple logfiles and commands in a single window. To merge: multitail file1.log -I file2.log.