SharePoint Dragons

You can use the logging database to store ULS logs, check http://www.oriolardevol.com/Article/Details/36. See http://www.oriolardevol.com/Article/Details/Sharepoint%20Logging%20database%20-%20ULS%20Trace%20tables,%20how%20they%20work for info on how it is stored. Consolidated storage and access to the ULS is a huge benefit, and also makes querying it a lot easier. In addition, the logging db also contains other useful info such as DMVs and performance counters:http://sharepoint.microsoft.com/blogs/fromthefield/Lists/Posts/Post.aspx?ID=124