Conserver is an application that allows multiple users to watch a serial console
at the same time. It can log the data, allows users to take write-access of a
console (one at a time), and has a variety of bells and whistles to accentuate
that basic functionality.
The idea is that conserver will log all your serial traffic so you can go back
and review why something crashed, look at changes (if done on the console),
or tie the console logs into a monitoring system (just watch the logfiles it
creates).
With multi-user capabilities you can work on equipment with others, mentor,
train, etc.
It also does all that client-server stuff so that, assuming you have a network
connection, you can interact with any of the equipment from home or wherever.

WWW: http://www.conserver.com/
