Tail4win » Use cases » Two services, one screen
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A request passes through more than one component, and each of them writes its own log: the web server and the database, the front end and the job runner, two services of the same application. When something fails, the evidence is split across those files - and the interesting lines are seconds apart.
Reading them one at a time means alt-tabbing, and losing the thread of what happened when.

It is also the practical way to compare behaviour: run the same action against a working component and a broken one, and watch both logs in one window rather than in two applications. The same feature is what makes the IIS and MySQL cases less tedious - the web log and the database log belong together.
Following a single file: watching a live log. Narrowing what you see: filtering, highlighting. Reopening the same set: sessions. Command line equivalents: Tail4win command line, tail and grep on Windows.