I’ve been using Loki recently and really like the approach: it stores log data in object storage and supports on-the-fly processing and extraction. You can build alerts and dashboards off it without needing to pre-aggregate or force everything into a metrics pipeline.
The real friction in all of these systems is instrumentation. You still need to get that structured event data out of your app code in a consistent way, and that part is rarely seamless unless your runtime or framework does most of it for free. So while wide events are a clean unification model, the dev overhead to emit them with enough fidelity is still very real.