I'd argue it _is_ solved... store your logs in S3. At ~$0.02/GB you can store a _lot_ of logs for like $20. The problem is that _most_ solutions (Honeycomb included) are SaaS-based solutions, and so they have to charge a margin on top of whatever provider is charging them.
You just need a tool (like log-store.com) that can search through logs when they're stored in S3!