@JeffSchwenk - sorry I'll need to learn how to copy those links again, in the mean time here's the particulars posted by @AlnoorCassim in 2012:
Very glad Crystal (ODBC) worked out for you. That was my 1st preference too. The story behind it is it first start getting bloated up in version 4.0x where everything was getting written to the log. I must've had 20 cases of this to deal with. Also the way they designed it was a listbox that gets every single record loaded in there before you can see anything. If you were just able to hit Print to interrupt it while loading to bring up Activity Log Report, you could preview it much faster that way. Then in 4.10+ they reduced some of the repetitive places where log got written to and this problem wasn't as prevalent. But then when PCI / PA-DSS updates came out for 4.3 and 4.4, since then many more events got written again for compliance reasons and old problem happening again but not as bad I think.
You're right that in there's never been any design changes to the Activity Log in terms of archiving or purging or even searching (try doing text searches on the Description field). I always have to dump it to Crystal and search.There's a probably an enhancement request already on the V1 site.