SharePoint Product team announced a new tool for SharePoint 2010 that helps SharePoint Architects, Professionals, Developers and IW Group to maintain a health state of your SharePoiont 2010 Farm by giving your the tools and processes to monitor: Event Logs, ULS Logs, Performance counters, Performance of SQL Queries along with the events associated for SP actions/events in your farm.
We were looking long time to have this tool along with the reporting capabilites that is provided, Read more about it: http://sharepoint.microsoft.com/blog/Lists/Posts/Post.aspx?ID=971
SharePoint Diagnostic Studio Documentation:
Hope this helps.
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