From the 4.0.0 announcement:
Added colorschemes for most server applications, improved setting
of colors (now also background and attributes can be set), improved
userinterface, like 'tee' output can now be send to other processes/
files before or after processing, ip adresses/hostnames/seconds
since epoch/errno values can be translated, it can now also read
from stdin, added key for hiding all windows but the one selected,
lines ending with '\' can be merged into one line, furthermore quite
a few small bug fixes and numerous small additions and improvements.
--
multitail allows the viewing of one or multiple files like
the original tail(1) program.
The difference is that this program creates multiple windows
windows on the console (with ncurses). It can also use colors
while displaying the logfiles for faster recognizing which
lines are important and which are not. It is optimized for
terminal-sessions through slow links.