In the bottom pane, we have the option to do display JSON pretty printed. It would be better if there was also an option to expand and collapse each level of the object hierarchy, making it convenient to drill down to properties nested deeply within the JSON object. Also, a search box above the pane, so you could search within a specific log entry.

Yeah, I was aware of the capability, but it would be super-nice to have a built-in JSON viewer. I'd suggest that the text area have two tabs. The first tab would display the raw content, as it does now The second tab would display the formatted content. If it detects JSON or XML, it could display the formatted content as a collapsible tree.

It is something that I would like to add as well.  I agree there is room for improvement here, but this is not something we will be looking at in the short term.  There are other application areas that we want to improve first.