Rsyslog is an enhanced multi-threaded syslogd.
Among other features, it offers support for on-demand disk buffering, reliable syslog over TCP, writing to MySQL and PostgreSQL databases, fully configurable output formats (including great timestamps), the ability to filter on any part of the syslog message, and on-the-wire message compression. It is designed as a drop-in replacement for stock syslogd and thus is able to work with the same configuration file syntax. Of course, some enhanced features require changing the configuration file, but in general, this should be fairly easy.
License: GNU General Public License (GPL)
Changes:
The main new feature is an SNMP trap sender that enables syslog messages to be sent via SNMP traps. Otherwise, this is a stability update with a number of important bugfixes and documentation enhancements. For plugin writers, a copy-template for input plugins is available. This is a recommended update for all v3 users.