All the OS X tools are horribly broken due to something fucked up inside their unicode support.
try something like tr:
time gtr a b < application.log > /dev/null
time tr a b < application.log > /dev/null
if you set LC_ALL=c it might be a little faster. $ time gtr a b < http_10x.log > /dev/null
real 0m0.061s
user 0m0.032s
sys 0m0.028s
$ time tr a b < http_10x.log > /dev/null
real 0m2.284s
user 0m2.267s
sys 0m0.014s