SPTraceView: One step closer to unscrewing the inscrutable
We still don't have good SharePoint debugging, but today I came across a tool that gets us closer. Essentially it works off of the SP logging mechanism, and alerts you when messages come up that meet your predefined filters. This has the advantage of (a) keeping you from having to go through the log files line by line, and (b) filtering at a higher level, allowing you to keep all that log information rather than excluding some events from being logged.
Give it a shot at http://sptraceview.codeplex.com/ .