If you guys are looking at the web events, you might want to consider that the most important events are likely related to the DB being down. And trying to log that kind of problem in the DB is futile. I personally like logging to a file because that's also friendly to web hosting environments. But if you own the servers, then the Windows Event Log has merit and you can set up third party monitoring programs to send you a page if certain events occur (like the DB being down).
In the real world, a big percentage of serious problems are related to the DB. Sometimes it's a firewall problem between the web servers and DB servers, and sometimes it's a Windows, SQL Server, or hardware problem. But whatever the cause, if the DB is down you need to spring into action!