Terminator - multiple terminals in one window

Terminator is a handsome python implementation of a terminal emulator, that supports tiling, which is awesome. This means, several terminals are arranged in one window

Multitail: Log output highlighting in terminal

Multitail is a command line tool primarily used to merge several log files. It is also capable of highlighting the output from one or more log files. In Ubuntu, you simply create or extend your multitail configuration in your home.

vi ~/.multitailrc

and define there your custom color scheme named yourcolorscheme

colorscheme:yourcolorscheme cs_re:red,,bold:.*ERROR.* cs_re:green:INFO

When invoking multitail command, provide the designated color scheme (-cS) you want to use.

multitail -cS yourcolorscheme -f logs/server.log

Thanks to Gilles for the input.