I have always been analyzing my Apache logs with the popular tail -f, which to a certain point is quite neat that you can see the whole request in real time. However, there is a point where you may be interested to know more details about your web logs.
Here it is where I find really interesting GoAccess. Whilst Awstats, Analog, Webalizer all generate HTML statistics, this application will let you analyze your Apache Web server logs straight from the terminal. It generates statistics really fast and it displays them in a nice ncurses interface.
More information about this project at: http://goaccess.prosoftcorp.com/