A colleague recommended me Log Parser 2.2 from Microsoft Downloads. I finally gave it a whirl with some notoriously ugly SharePoint Diagnostic Logs and WOW!
Get Log Parser 2.2 here.
Below is an overtly simple example of the command line functionality, but I encourage you to download this powerful little guy and give him a shot.
Microsoft Windows XP [Version 5.1.2600]
(C) Copyright 1985-2001 Microsoft Corp.
C:\>logparser "select * from 'c:/logs/*.log'" -i:tsv -o:datagrid
Datagrid Output from the above command:
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