Many logging tools, like Splunk, provide great features but are optimized for large-scale deployments.  They require installing and configuring servers before they can be effectively used.  There is still a need for a robust log file analyzer for the terminal.
Just point lnav to a directory and it will take care of the rest.  File formats are automatically detected and compressed files are unpacked on the fly.
Log files are a wealth of information, lnav can help highlight the parts that are important and filter out the noise.