Btail monitors a logfile for specific events. To do this it uses a bayesian filter to determine what events are worth passing through and which should be suppressed.
So it filters out all of the routine stuff, but passes through anything important or out of the ordinary.
paulgraham.com
This article describes how to filter spam with a Bayes filter.
Links:
slst
slst generates statistics from the output of syslog. With slst one can find tendencies and unexpected changes in the behaviour of the running processes.
loganalysis.org
That site contains lots of usefull information of the analysis of logfiles and such.
MultiTail
A tool for monitoring several logfiles at once in one or more windows in a terminal.