When you install MOSS 2007 using the default install locations the MOSS 2007 log files will not reside in the “Program Files\Microsoft Office Servers\12.0\Logs” directory folder as expected. They will reside in the WSS directory folder “Program Files\Common Files\Microsoft Shared\web server extensions\12\Logs”.
The MOSS log files like most if not all of the Microsoft Windows based log files are text based and can be viewed with any text based editor. Since I have a dedicated SMS server as well as a dedicated MOSS server I have my log files (.log) set to open with SMS Trace on my Windows XP workstation. I find that this is most convenient for me because opening the log files with notepad is hard to read and when word wrap is turned off it is easy to loose my place.
With the SMS trace utility all lines that have the word error in them are color coded Red and all of the other color coding is preserved which makes locating warnings and such easier to accomplish. The MOSS log files can be used like the SMS log files and all of the features available to SMS log files are available to MOSS log files. For more information on the features available to you with the SMS trace utility see the post below.
Inside The SMS Toolkit Trace Utility