We use Logstash on each host (deployed via Puppet) to gather and ship log events to a message queue (RabbitMQ, but could be Redis) on a central host. Another Logstash instance retrieves the events, processes them and stuffs the result into ElasticSearch. A Kibana web interface is used to search through this database.
It s very capable, scales easily and is very flexible. Logstash has tons of filters to process events from various inputs, and can output to lots of services, ElasticSearch being one of them. We currently ship about 1,2 million log events per day from our EC2 instances, on light hardware. The latency for a log event from event to searchable is about 1 second in our setup.
Here s some documentation on this kind of setup: https://www.elastic.co/guide/en/logstash/current/getting-started-with-logstash.html, and a demo of the Kibana search interface with some live data.