A few people have written trying to find their application event log. While it is a little buried beneath other more dynamic log viewing options, the old application, system and security logs you have grown familiar with over the years are indeed still there—they are just not displayed by default when you fire up the event viewer.

Start > Control Panel > System and Maintenance > Administrative Tools > Event Viewer

Where you used to be able to kick off the event viewer as a regular user (with the restriction of not being able to view the system log) you will now need to tell User Account Control it is okay to launch. Once launched, you can view everything as you are already running privileged).
By default, it is the Overview and Summary view which is displayed. This shows you are collapsed tree view broken down by event type so you can quickly find the errors that matter. To see the log entries they way you did previously, expand the “Windows Logs” node of the tree (the second item by default). You may also wish to hide the “Action Pane” either by clicking the rightmost toolbar icon or from the View menu (select View > Customize and deselect the “Action pane” item from the MMC list). Of course the preview pane can also be turned off, but even if you dislike the dynamic new features of the Event Viewer, I’m betting you’ll appreciate the fact that you don’t have to double-click each event log entry to open it in a new dialog!