The most commont logging formats I've come across in production environments are:
1.log4j(java) or nlog(.NET)
2.json
3.syslog
Tools that I've used to search ,visualize and analyse log data have been:
1.Elasticsearch, Logstash and Kibana (ELK) stack
2.splunk (commercial)
3.Logscape (commercial)
Changes to the fields representing your data with the database approach is expensive because you are locked in by the schema. The database schema will never fully represent your full understanding of the data. With the tools I've mentioned above you have the option to extract ad-hoc fields at runtime.
Hope this helps.