I just saw a demonstration of this tool and I was amazed.
SharePoint Diagnostics Tool (SPDiag) User Guide (http://www.microsoft.com/downloads/details.aspx?FamilyID=1C222804-51C7-4BB5-AE3D-89C68AD27A78&displaylang=en) Brief Description User guide for the SharePoint Diagnostic tool (SPDiag) version 1.0, which was created to simplify and standardize troubleshooting of SharePoint Products and Technologies, and to provide a unified view of collected data.
SPDiag is installed with the latest version of the SharePoint Administration Toolkit (http://go.microsoft.com/fwlink/?LinkId=141504). You can install SPDiag on any computer in the SharePoint farm. To ensure optimum performance, you should install SPDiag on the farm server with the least resource usage. For example, a dedicated Central Administration Web server would be an ideal host.