There are many ways to replicate a PostgreSQL database. In the current version 9.0 the PostgreSQL Global Development Group introduced two new rocks features called Hot Standby and Streaming Replication puting to PostgreSQL to a new level and introducing a built-in solution.
On the wiki, there is a completed review of the new PostgreSQL-9.0´s features:
http://wiki.postgresql.org/wiki/PostgreSQL_9.0
There are other applications like Bucardo, Slony-I, Londiste (Skytools), etc,which you can use too.
Now, What are you want to do for log processing? What do you want exactly ? regards