Once you get past the unusual name, Splunk actually has a lot to offer considering the fact that IT pros can utilize this tool to report and alert you to any security issues that might arise. But Splunk is able to do so without the usual headaches that come about when dealing with a tremendous amount of data.
Another thing I like about Splunk is that all of your IT data, from the common devices used to the data center happenings themselves, are all readily accessible from this tool. This alone, not even considering the advantage of not fighting with using other less effective tools, make Splunk something to look at very seriously. You might think of it as a search engine of sorts for your IT data. But its indexing is done with highend security in mind the entire way.
Is Splunk for you? I think it might be; consider taking them up on their challenge and putting them through their paces. Based on what I have seen thus far, I suspect you will be pleasantly surprised.