As a former UNIX admin, there are definitely days where I miss some of the simple but powerful tools I had available to do my day-to-day jobs. One of those jobs, troubleshooting, usually involves a lot of logfile watching. On Windows, log watching becomes more complicated, because you usually have to sneak peeks at the Event Log as well as a particular text logfile (such as the ones produced by IIS).
With UNIX, I'd use the tail utility, which simply opens a text file and shows you the last X lines (where X can be specified). I'd use the tail -f filename.log option, which allows you to "follow" the given text file; that is, tail will keep the file open and automatically display new lines to the end of the window as they are added to the log file. Follow mode is very handy for troubleshooting.
Although PowerShell allows you to examine event log entries from the command line, as well as display the contents of various text files, it doesn't seem to have a "follow" mode. So, I went looking around and found Tail for Win32. It seems to be just what the doctor ordered, as it will follow multiple files (if necessary), and offers a quick way to pause and restart following.