I finally found the dream tool I have been wanting to work with the Application Event Log (for BizTalk, or for any other server related issues).

FSPRO Labs makes a tool called “Event Log Explorer” http://www.eventlogxp.com/

How it is useful to me:

1) Most often, I have the same bogus error or warning occurs 1000s of times, and it’s hard to find the real errors.  With “Event Log Explorer” you can just bring up the filter, and exclude that specific warning, by several handy criteria.
2) It’s also useful for finding and showing just one specific type of error or warning (excluding all the others).
3) Both of the above are useful in determining when errors occur, how often they occur, and/or when the last time an error occurred, without filter through all the noise.

A sample screenshot follows: