Would you pay for a event logging SAAS solution?

I have been asked to join / help a friend who is creating an event logging SaaS solution. He says he has done a good amount of research and though there are companies that offer this he believes there is a gap in the market for something innovative he has been working on.

So i guess there are two questions:

1. Do you use an event logging solution?

2. Would you be interested in using an event logging solution within your business or personal solutions?