<From the Log Parser 2.2 documentation>
Log parser is a powerful, versatile tool that provides universal query access to text-based data such as log files, XML files and CSV files, as well as key data sources on the Windows® operating system such as the Event Log, the Registry, the file system, and Active Directory®.
</From the Log Parser 2.2 documentation>
I would like to add something to this... "It gives you a whole new picture of the data(files!)... an information you can act on, and fix a few things (sometimes even before they really go bad)! A great tool in any Computer Enthusiast/Administrator's arsenal :o)"
I have written an article about it on Microsoft Support Voice Column for September 2006 and it should be public pretty soon. I would update this section as soon as the KB is live.
For the time being, visit www.logparser.com to know more. You can download Log Parser 2.2 from http://www.microsoft.com/downloads/details.aspx?FamilyID=890cd06b-abf8-4c25-91b2-f8d975cf8c07&displaylang=en
I find Log Parser documentation pretty good!
I would suggest you to go through this blog entry after about a week or so if you would like to discover some of the scenarios. The KB which I was talking about is all about scenarios and some common uses of Log Parser 2.2.
Play with the tool and have fun!!!