This is old news but as I used it recently I wanted to remind folks. Mike Nimer has created a cool Eclipse plugin called the CF Log Viewer. It lets you display a ColdFusion log directly in Eclipse. It isn't a straight text dump but a nicely formatted display.
What is really nice about it is that it constantly monitors the file. This means you can use cflog commands and watch them show up in Eclipse as you hit your site. I used it to help me debug issues with XML-RPC support for BlogCFC.
I'd like to see him allow for removing columns so that you could focus in on the text and not the other messages. (But to be fair - Nimer provides the source so I could do it myself. In my spare time. Um, right. :)
As a side note - you should read Charlie Arehart's new series on FusionDebug as it can provide an even nicer way to debug.