We had this error occur almost every minute, but the error was non-specific. We found the solution at “smallbizserver.net - Web Logging Service Failed”, which basically told us to run the report wizard, uncheck the usage reports, save, re-run the wizard again, re-check the usage reports and save. These steps fixed our error.
From a newsgroup post: "wbLogSvc.exe is the Web Usage Logging Service (Internet Monitoring Service). It logs client web activity for the SBS usage report. As far as I know, it is only used if "View the usage reports in Server Management" is selected. The service collects data via port 80 and 443 for the clients only (not the server). Events are written (appended) to the %windir%\temp\webevt.log periodically. There are some tasks performed (once), and every 90 days the database tables are flushed".