Source: System Center Forum
Stefan Koell has released v1 of LogSmith for Operations Manager. LogSmith connects to your RMS and allows you to filter and sort events in the Operations Manager Event Log with ease - very nice for slicing and dicing the log quickly in large environments. I’ve updated my OpsMgr toolbox page with this latest tool.
Read more on source.
Haven’t tested it yet but it looks great!
Update: Tested it and it's really great for OpsMgr Event log analyzing.