There is a stored procedure you can call from the HOST->SQL window.
Exec sp_spaceused sitelog You can use this also for eventlog OR schedulehistory
You can also use Select count(*) sitelog OR eventlog OR schedulehistory
If you wan to dump the whole log use:
Truncate Table Sitelog OR eventlog OR schedulehistory
If you want to trim from the back (oldest entries)
DELETE FROM SiteLog WHERE DateTime < GetDate() -60 You can reduce the -NN by a few days each time you execute until you get the final log size you want.
You can also limit the number of days logs are retained in the Admin->Site Settings->Advanced Setting->Host Settings->Site Log History. I have mine set to just 2 days. The log size become more critical if you are using disk based caching. If you are using disk based caching your performance will wane until it become slower than molasses in January. All of the performance tweaks mentioned were more of a pain in the empanage than a help. They usually induced other strange phenomena for me. As in moderate or Heavy caching, authenticated cacheability (default is "server and no cache.") Some recommend public. Compression does seem to help. The web garden is definately a NO NO if you want to maintain your sanity when adding modules and moving pages.
BUT the real HOT SETUP for me was to add memory to the server (I maxed it out at 4 GB. Then I set the Page State Persistance to "Memory" and Moduel Caching Method to "Memory." I went from so so performace to INSTANTANEOUS response on the LAN and nearly instantaneous response on the WAN.
You can limit the number of logs for the schedulehistory log by editing Host->Schedule. Then clicking on the pencil next to each of the entries and setting the Retain Schedule History entry to a lower value.
You can lower the event log entries by going to Event Viewer and pulling down the menu and selecting "Edit Log Settings." Click on the "Edit" link next to each entry and lower the amount for the entry "Keep Most Recent." the * line is one that has a hight setting. Be sure to check them all.
Hope this is of help to you.