Figured this was bound to come eventually since it's a very very big market and their basic CloudWatch product was lacking in many ways. It's not like Amazon to let an ecosystem eat their lunch.
Few things stand out:
(1) Per-query pricing seems...odd? Likely a good deal for small folks with a low volume of logs (i.e. just need to check actual AWS infrastructure logs vs. application logs), but if you have any actual volume this gets absurdly expensive ($0.005/GB scanned = $5 per query if you need to scan a terabyte. Large enterprises ingest multiple terabytes per day.)
(2) The quote "I pick the first one, click Run query, the logs are scanned and the results are visible within seconds" doesn't sound terribly promising performance-wise. "Seconds" is an eternity in the log management world.
Still, super interesting!