I worked with enterprise message bus loggers in semiconductor manufacturing context wherein we had thousands of participants on the message bus. It generated something like 300-400 megabytes per hour. Despite the insane volume we made this work really well using just grep and other basic CLI tools.
The logs were mere time series of events. Figuring out the detail about specific events (e.g. a list of all the tools a lot visited) required writing queries into the Oracle monster. You could derive history from the event logs if you had enough patience & disk space, but that would have been very silly given the alternative option. We used them predominantly to establish a casual chain between events when the details are still preliminary. Identifying suspects and such. Actually resolving really complicated business usually requires more than a perfectly detailed log file.