I've been working on a tool that allows you to export the apex logs and then gives you some basic highlighting, searching and filtering options. I often end up working with logs closer to 2 MB in size and needed a way to quickly filter out just the USER_DEBUG messages.
FuseIT SFDC Explorer is .NET based and currently only runs on Windows. It is still in beta (the kind of beta where there are still sharp edges that you could cut yourself on. I.e. don't be surprised if it crashes occasionally).
The screen shots on the web site are a bit out of date. What I often do is bring the Force.com console up to ensure that it is polling and capturing the logs. Then I can use the Refresh and Open Log buttons on the Apex Logs tab to open up the required log.
Once you have a log open you can use the checkboxes in the left Apex Log area to show/hide only certain events. Alternatively, you can right click on an event in the log to hide it from there.
If you just want a quick way to download the raw log then you can toggle the view to just show the log text. There is a copy log to clipboard button if you just want to grab the whole thing to paste into the editor of your choice. The paste allows you to drop in partial logs or logs copied out of Force.com explorer.