While using a syslog server is usually considered a necessity in larger networks, I would argue that even very small networks can benefit greatly from implementing a syslog server. In some industries a syslog server may be mandated as part of a larger security/audit process. Using a remote syslog server rather than just the local logging buffer on Cisco devices gives you a number of advantages such as message persistence, event correlation across devices, and advanced message searching/sorting to name a few examples.
Basic syslog server configuration on a Cisco device is ridiculously easy (logging host x.x.x.x) but there are a number of basic configuration options that you will want to be aware of. This lesson touches on the most often used options.