Benefits of log rotation

I think the benefits of log rotation are clear:

1. You get easily managed smaller log files instead of one huge log file.
2. You don't run out of disk space suddenly if you configure it appropriately according to your capacity limits. (size option)
3. Older log files can be compressed so that log files get even smaller in size, and thus saving more disk space. (compress option).
4. You can rotate the files in a specific way / time. For example, each log file contains only information related to a specific day. This will make the search easier given that you know the date. When you don't know the date, you can just search all files or a subset of them. (daily, monthly, etc).
5. You automatically get rid of very old files. For example, you can keep 30 files at max. (rotate 30).
6. You can add the extension you like such as rotation date. (dateext).
7. You can execute specific scripts before/after rotation. (prerotate, postrotate).

EDIT: I added more items to the list and included the options when applicable. For more details, man logrotate can be consulted.