... compare to the other log viewers I tested is the columnizer.
It parse the time/date and introduce a new column that's called Time Delta and shows just the time difference between the current and the last entry. However combined with the Row Filter it'll get an powerful and useful tool.
Imagine to filter just the connect and disconnect event - now the time delta column will show UpTime vs DownTime. Cool :)
Other recs:
http://sourceforge.net/projects/otroslogviewer
http://log-expert.de