zett - 7:42 am on Jul 16, 2008 (gmt 0)

I'm using a server log analyzer from a Ukrainian software maker; this does a very good job at filtering out most illegitimate traffic, as well as hotlinkers. It's still higher than the Adsense count (as Adsense is not present on all the pages), but pretty much in line and consistent.

I agree on the notion that the rawness of the raw data is what makes log files so attractive to analyze.