Hi Does activating Error Logs affect the performance of Sharepoint site (WSS 3.0 in my case) Is it resource hungry? or Is there any substitute for this ?
The error logs will consume some resources and consume more as you get more verbose. On a properly architected farm (right number of servers) it should never be noticeable. On an under built farm (i.e. stand alone server) you will want to make sure you adjust the logging to be as light as possible.