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Be warned, unless you're a power user, and UNIX junkie, you might wanna skip reading this. Otherwise...
When I first heard of it and used it, it was useless to me. I had no idea what it was for. Trashed it.
Just today, I was looking for something better than this Konfabulator widget to display my log files. Couple of searches on Versiontracker eventually yielded GeekTool, a System Preference Pane that allows you to display:
All of it gets displayed on your desktop, and you have the option of making it stay on top of other windows.
There are also profile options, where you can toggle between different windows being displayed per profile.
GeekTool is distributed as freeware.