Graylog2: Java, Ruby, MongoDB-powered log management, monitoring, and alerting
thechangelog.com
thechangelog.com
But with the development happening all the time, it's definitely a project worth keeping in bookmarks. If it can get some of the features available in octopussy without looking just as fugly, I'm in :)
Graylog2 is pretty solid, and the people working on it are extremely responsive. If you suggest features that make sense, they'll probably be implemented within a few weeks (if not a few days!)
Bonus. I just watched a Railscast highlighting the Notification system in Rail3 and I can see where it would compliment Graylog2 very well. :)
At both Splunk and Loggly I've seen customers sending in multi-tens-of-millions events a day from a handful of boxes without even breaking a sweat. It wouldn't take long to blow through several TB of storage in MongoDB if you were storing all that log data with a retention of a few months.
Log volumes vary from use-case to use-case though, and I absolutely love the GrayLog2 guys and the way they listen to their users. It's definitely a great tool for a job that is usually a real pain in the ass!
"Manage your logs in the dark and have lasers going and make it look like you're from space". Awesome!
Also, when you login it gives you status message like "mounting party hats", and "enraging gorilla". It's nice to have some comedy in what can potentially be such a dull arena.