Best Event Log Archival Management Tool?

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Out event logs (mostly Security event logs) fill faster than we can manage
them and empty them.
We would like a tool that will consolidate the security event logs from all
domain controllers, empty and archive the logs and make it easy to search for
information and get reports from audited events.

Which tools work the best and are easy to use?
I know GFI makes a tool and Microsoft has System Center Operations manager
2007, but SCOM 2007 is overkill in cost if used only for event log management.
What else?
.

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