I haven't read this all the way through, but on a cursory glance it looks reasonable:
I'm starting to think that we need some agreement where instead of logs, we just get apps to emit a stream of protocol buffers and a format string for the messages and data.
Which does make me wonder if you couldn't LD_PRELOAD something which replaced fprintf and the like...
But often times you don't even know what domain is being connected to at the network layer. You need output from the process holding the connection key. And you want very clear separation from that task...
"So much" is pretty imprecise. How much waste do you believe string parsing incurs in this case?
For example, systemd finally provides a logging system that allows structured logging with key/value fields.
I'm not opposed to other ways of solving it, but I think the belief about how much resources it takes to process a text log file that people are expressing in this thread is at least a few orders of magnitude off.