First off, I love this product. I get asked about it all the time. Well worth the money. One feature I would like to see that would save me a lot of time and headache would be the ability to monitor the PHP log files in realtime inside a panel, like a tail function.

If you enable PHP error logging to file (e.g. to error_log) in php.ini, you should be able to open the error log file in PhpEd and keep it open. PhpEd should refresh the contents whenever an error/warning/notice is logged. I know this is not the panel option you are asking for, but it's a start.