TailSharp is a document / file monitoring solution based on the idea of the Unix ‚tail‘ command. The Unix ‚tail‘ command allows the user to display the ‚tail‘ – the last lines – of a text file. This is useful for example if you want to monitor the activity of processes that write log files. (Server processes etc.)
TailSharp has some advanced features that make TailSharp stand out of the crowd of the avaliable Windows ‚tail‘ clones.
TailSharp has a rich and intuitive user interface that allows you to open multiple files in tabs. You can set up different highlighters for each file that colorize certain predefined portions of the file.
TailSharp’s performance is very high even if you monitor large files (>500 MiByte). The memory footprint stays low as TailSharp incorperates different technologies to efficiently monitor large documents.
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Marko Oette's Blog 
Would it be possible for this utility to log certain „highlighters“ into a Windows Event Log? 🙂
Well, it would be possible, if someone would write the code to do so. 🙂
I’ll add it to the feature – request list.
Cheers,
Marko