Yes, this has been a long time in coming (blocked in one of our internal processes. Unblocked by yours truly ("Now wash you hands" comes to mind).
Available here http://support.microsoft.com/?id=923104
It was also covered by Lenny in his blog here http://blogs.msdn.com/glenw/
Seriously: MOM 2005 debug logging is only recommended when working with PSS in troubleshooting an issue. Enabling logging in production, certainly at the Verbose level is NOT recommended, there are serious performance implications which may lead to missed SLA's, not to mention the log files were, and are intended for developer and PSS troubleshooting.