Not sure how this one quietly slipped through, but Microsoft has released version 2.0 of LogParser. From the description: Log Parser 2.0 is a powerful, versatile tool that makes it possible to run SQL-like queries against log files of almost any format and produce the desired information either on the screen, in a file of any desired format or into a SQL database. Log Parser is available as a command-line tool and as a set of scriptable COM objects.

Sounds like I finally have a solution that will easily enable me to do dynamic site stats: Use the logparser’s COM object via C# and ASP.NET. Cool.