So there is not an official name for the product so I will refer to it as "Budapest" the code name and in a generic term the LCS web server component or solution.
A tool that I was shown very early in this beta and that I have NOT played with at all beyond the first demonstration was LogParser, such a powerful tool it has its own book. What prompted me to write about this? Well I saw this post about top 10 tools, and they mentioned the tool with some syntax http://blogs.technet.com/mscom/archive/2005/10/19/412745.aspx
This is an IIS 6.0 Resource Kit tool and has been updated to 2.2. http://www.microsoft.com/technet/scriptcenter/tools/logparser/default.mspx
There is also The Unofficial Log Parser Support Site - http://www.logparser.com/
I hope that this will become a tool for which I am able to post more about in the future, when our web component or web solution for LCS ships I would love to hear from folks using the tool with real world issues to which they found a solution. This way we can help others as well.
Toml LCS Kid.