A new version of phpsyslogng is available: http://sourceforge.net/project/showfiles.php?group_id=68685&package_id=67393
You'll want to check whether the newer logrotate.php is fixed for MySQL 5 compatibility, too. I ran into an issue with 2.8 and MySQL 5 in that the DB creates the MergeLogTable, but can't access it. I had to take out the "ENGINE=MyISAM" part of the MergeLogTable creation command to make it work again. I have no explanation for this yet.
I hope nobody realized how bogus that comment was ^_^. Anyway, there is an issue (it's in the MySQL bug tracker somewhere) with MySQL 4 -> 5 upgrade in that you can NOT just use merge tables without dumping and restoring the underlying MyIASM tables. Thus, if you use the phpsyslog's merge log feature be careful when updating your database (dump, restore). Otherwise you won't see much apart from an irritating error message.
Currently php-syslog-ng is not really being developed at sf.net. As the new developers are don't really have proper infrastructure / sites setup i'm going to just mark this bug as won't fix. Either they'll fix up their infrastructure or I'll work out a way around it but I'm not revving this version as it just introduces more problems.
if you want to check out the latest version grab: http://php-syslog-ng.gdd.net/current.tgz
The project is now hosted at Google Code: http://code.google.com/p/php-syslog-ng/ It appears to be properly hosted and its current version is 2.9.8. Is there anyone willing to make an ebuild?