I've got a post it on my monitor to go look at Log-Logger and Logfile-Rotate . They are probably worth looking into.

In general, log files are invaluable for figuring out what happened and when. We use them all over the place. It's important to have a retention plan for old log files. Otherwise you might find out some day that you are flat out of disk space. In some situations we have a watch dog process that will go out and compress log files if they are over some age and eventually will delete them.