I had to deal with a serious client issue the past 24 hours that required me to be able to parse through IIS logs. I had played with Microsoft's LogParser in the past but it had been a while.
To quickly import the files into a SQL database, it was quite easy to do:
logparser "SELECT * INTO iisLogs FROM f:\temp\logs\*.log " -i:iisw3c -o:SQL -server:10.0.0.X -database:SiteMonitor -username:USERNAME -password:PASSWORD -createTable: ON
This quickly had the logs imported to a database that I could easily query as needed.