Anyone who regularly uses Log Parser 2.2 knows just how useful and powerful it
can be for obtaining valuable information from IIS (Internet Information
Server) and other logs. In addition, adding the power of SQL allows explicit
searching of gigabytes of logs returning only the data that is needed while
filtering out the noise. The only thing missing is a great graphical user
interface (GUI) to function as a front-end to Log Parser and a 'Query Library'
in order to manage all those great queries and scripts that one builds up over
time.

Log Parser Studio was created to fulfill this need; by allowing those who use
Log Parser 2.2 (and even those who don't due to lack of an interface) to work
faster and more efficiently to get to the data they need with less “fiddling”
with scripts and folders full of queries.

With Log Parser Studio (LPS for short) we can house all of our queries in a
central location. We can edit and create new queries in the 'Query Editor' and
save them for later. We can search for queries using free text search as well
as export and import both libraries and queries in different formats allowing
for easy collaboration as well as storing multiple types of separate libraries
for different protocols.

Please see related blog post here:

http://blogs.technet.com/b/exchange/archive/2012/03/07/introducing-log-parser-
studio.aspx