What about log_sessions=0, log_replication=0 and something like this. To remove clutter from the log. You can also reduce the number of days before log rollover, from the default 7 days to whatever you like.

IBM is wrong. Shut down the server and rename the log file to something else. Let it create a fresh new log on start up. But only do that if you really need the old log. Dietmar is quite right about adjusting the log= value in the notes.ini.

You really don't want to compact it anyway. You just want it to reuse the space so the file doesn't grow. Setting the purge value does just that. If you compact the file, it will grow large all over again. (and each time it does, it gets more fragmented on the disk unless you run a defragmentation tool constantly, like Diskkeeper.)

I personally set the value to 30 days because that gives a long enough history to see trends. Often a recurring problem is not detected within 7 days of when it starts, so you don't know when it first started. But archiving preserves the data indefinitely, which is wasteful. Having a large log in and of itself is not a problem.

I have "archived" all my log.nsf files to other special Domino server via replication. Also i've set short time for store log data (2 days), purge option (60 days) and disabled replication of deletions for log.nsf replicas.
I have small logs (plus short Domino restart time) and large logs archives for all servers where view indexes buid faster cause they need to be updated only after next replication.