After starting to use the new log feature in Framework 2.x, how do you analyze the log file. There is a free tool provided by Microsoft to do just that. That tool can be obtained from here. However, it can be quite challenging since it is a line command utility. Also in order for it to work, you need to make sure you use , as the delimiter so that it can treat your log file as a CSV file.
Luckily somebody else had taken an initiative to make it better by coming up with a GUI interface called Visual LogParser, unfortunately, I found this to be lacking. It did not allow some of the options.
You can read more about the features of LogParser from Microsoft, or from another blogger here who has also linked some other resources.