Do you do centralized logging?

One of the things that can really save you or your Admin's time is a centralized logging server.  I came across this article about how to set one up on either GenToo or Ubuntu.  It's a great how to that would get you started.  If you are looking for something really powerful I would suggest looking at Splunk.  Splunk is a  great tool to help you group, filter and analyze your logs.  There are very few other solutions.  If you have a solution for managing your logs please post it in the comments.  If I can get more than just Splunk I will try to do a more in-depth review of the options everyone suggests.