Fedora 8 ships with rsyslog as the default syslog daemon. It has some really nice features that will make a large aggregating syslog server much easier to maintain. In your /etc/rsyslog.conf file put the following line.

$template DynFile,"/var/log/%HOSTNAME%/%$NOW%.log"
*.*     -?DynFile

This will cause all your syslog messages to be sorted based on the hostname/date of the message.