After reading an article about the subject from O\'Reilly, I wanted to ask Stack Overflow for their thoughts on the matter.
It probably isn't a bad idea if you want the logs in a database but I would say not to follow the article's advice if you have a lot of log file entries. The main issue is that I've seen file systems have issues keeping up with logs coming from a busy site let alone a database. If you really want to do this I would look at loading the log files into the database after they are first written to disk.