Brand new RedHat 6.1 install with all security updates as of today installed. Hardware is Pentium III - 500, 256M RAM, 3Com FastEtherlink XL, SiS 6326 AGP video. Machine stopped accepting new connections after a couple hours running. Kernel error messages indicated that no file handles were available. Last time, killing sysklogd fixed the problem without reboot. Since the first symptom was that the machine ceased accepting new connections, I tried restarting sysklogd without -r and without -s. It appears to be stable in this configuration, but I need syslog to accept remote log entries.
Is the machine publically available on the internet? If so, you may want to firewall your syslog port so that only the machines you want to connect can connect. If the machine can only be reached by your log clients, never mind.
I'm testing it here, and it does *not* seem to be leaking file descriptors under normal operation.