I've been looking for a replacement log analysis tool for the ungodly expensive and buggy WebTrends; the afterbirth brought to you by NetIQ.(of which they seem to have none)
For just 200 bucks you can monitor as many sites and domains as you want. Compare that to NetIQ's $10,000 price tag and you can see why I like it first off. That's not the only place it differs, though. It's faster than WebTrends by leaps and bounds. For instance if you want to see specific info that WebTrends doesn't have immmediately available you have to wait for it to crunch the numbers whereas Sawmill is dynamic in that respect. Instant gratification. Much nicer.
It crunches very large log files (via FTP) in no time compared to WebTrends and it runs quite smoothly on a standard 500MHZ/128MB RAM PC, although it will depend on the number of hits on your site.
I suggest you give it a shot if you are in the market for a log analyzer.