Depending on what you mean by "manage the eventview logs effectively"
MACS would probably be a good solution for you. Unfortunately, it is
not in a full swing of production yet as the software is still beta.
To my understanding it is coming soon.
www.windowsboston.com/downloads/ doc/MACS_beta_Overview.doc
The summary of the whole thing is that you install Microsoft Auditing
Collection System on a win2k3 server. A Sql 2000 database instance on
a seperate server (2k or 2k3) and the Agent on all of the servers you
want to monitor.
Then the Agent will parse the event log and update the MACS instance in
realtime with your event log info, allowing you to do phenomenal things
with all of the data you have now collected.
Hope that helps.