logparser "SELECT cs-bytes FROM 'C:\Program Files\Macromedia\Flash Media Server\logs\access*.log' where x-event='play'" -i:W3C
Ok, this query makes little sense but I guess it gives an idea of what can be done.
Logparser can not only output to text files but can also generate HTML reports, charts and even submit to a database (logging) server.
I guess all we need to do is figure out the syntax for meaningful queries and reports... Post in the comments if you can come up with anything. Things such as 'how much data has xyz application consumed' or 'how many users have logged on to this app in the last 2 weeks' would be useful starting points.

After a bit of playing I've managed to call the com version of Logparser from an asp.net page and get queries printed out in the browser. Will post some queries soon.
Thanks!
D.