We don't use SAM - it's too expensive - but one thing I imagine would be useful (if it doesn't already have the ability) is to be able to monitor any files, including new files with unknown filenames and/or matching a file *mask*.* (or regex?) in a folder & subfolders. Monitoring log files over a UNC path etc would be extremely inefficient, so this kind of thing would need a remote agent. The criteria for matching lines should also be extremely flexible, i.e. you should be able to specify variables (current day/time), perhaps specify a specific "column" within the log file which will contains an ID for that "group" of events - some apps log an event which covers multiple lines which share a unique identifier, with the bits of intest spread over multiple lines.
... and since a remote agent is involved, such a system would probably need to be extensible to accommodate future "plugins" using a standard (secure) deployment and update system. Basically a better version of Nagios's NSClient++, but perhaps designed to be usable by many different Solarwinds' products in the future.