Log Rotations - Best Method? Needed?

[Sekka]

Hi,

I'm just wanting the opinion of the Plesk community on log rotations.

Are they needed? What do they do? What methods/settings to you all use?

I'm just wanting the best method as our server will be getting a lot of traffic soon.

Thanks.

Edit: Same goes for backups too. Do you do server backup or per domain?