One of the funny things about getting Drupal coders together in a room is that in my experience, more often than not, you get a whole lot less code than you would expect. What you do seem to get however are high level converstations about architecture, implementation, and user experience.
I find that Drupal's Watchdog table has a tendency to grow really fast. While the DB Log module allows you to remove entries after the table reaches a certain amount of lines, you are out of luck if you want to save some of those entries. Likewise, you might want your Drupal logs to just show you the logged errors that warrant your attention.
Enter DB Log to CSV. This is a lightweight module which will handle dumping your logs to CSV files and periodically rotates them.