Tail is the best answer so far.
If you don't use Windows, you probably already have tail.
If you do use Windows, you can get a whole slew of Unix command line tools from here. Unzip them and put them somewhere in your PATH.
Then just do this at the command prompt from the same folder your log file is in:
tail -n 50 -f whatever.log
This will show you the last 50 lines of the file and will update as the file updates.
You can combine grep with tail with great results - something like this:
tail -n 50 -f whatever.log | grep Error
gives you just lines with "Error" in it.
Good luck!