Two awesome things to build: syslog-ng and apachetop
First up, syslog-ng. I never really had a need to change from the classic syslogd/klogd combo, but it would seem I'm getting rather arcaic and needed to get with the times.
syslog-ng is a complex beast, which is undoubtedly why I went for it -- I was also considering metalog, but syslog-ng wins hands down. Check it out from the links above, very tasty.
apachetopThis is nice. apachetop simulates top, but by parsing Apache log files and displaying links hit, hitrates and whatnot. Click here for a screenshot. I can see myself using this at work already.