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I spend 4-5 hours a day looking at all the logs my system puts out. I look for trouble spots and I have seen problems coming that could impact the system (ie OUTAGE) and have ordered preventative maintenance and schedule it to be applied soon. I also look at security issues and I keep ahead of the phone call of the boss asking me to explain .....
The real duties of my job only vaguely mention reviewing logs and I have found the time required pays off handsomely in the 1-6 month time frame. There tends to be a lot less emergencies as the logs tend to give me a fair idea what is going on system wide (I am a systems person). The security people do the same and they have learned from me that heading off issues is a lot easier than handling emergencies. Frankly I do not know if the DBA's watch their logs, I hope that they do as I can only hand hold so many departments.
I definitely think that it is a good policy. Not only do you provide yourself with a valuable tool for identifying the trail of events leading up to an issue and assisting in troubleshooting after a problem has arisen, it gives you a window into the daily operation of your systems/infrastructure. As you construct the rules for your daily log review, you can start to see events in a new light, as they occur, and tag them either as something that should be looked at or a harmless event. Eventually, you should be increasingly able to identify problems as they develop, but before they become serious. I think it would be a positive addition to your daily practices.