Basically you set up your syslogd to send everything not
auth-sensitive to one logfile with this in /etc/syslogd.conf:

----------------
*.*;auth,authpriv.none	/var/log/syslog
----------------

Then you set up to pipe that logfile through colourlog before
viewing it, thus:

----------------
/usr/bin/tail -50f /var/log/syslog | /usr/local/sbin/colourlog
----------------

Set that up in a free xterm or VT and leave it going.  You can
see at a glance what's happening, by the colours!