This is the type of equipment that sometimes I salivate for.
http://www.saleae.com/logic/
Ah yes, the wonderful logic analyzer.
Long in the distant past, I wrote a self-paced training package for the Tektronix 7D01 logic analyzer (for the 7000 series oscilloscopes). Even built a "trainer" (digital clock with important leads brought out to a reverse-mounted wire-wrap IC socket) - which emulated working on the backplane of an electronic telephone switching system. After I field-trialed the trainer and the written course materials (with good reviews from the techs who participated), the engineers decided that field analysis would need an analyzer with more channels so they specified a BioMation analyzer. Having learned a great deal about analyzers and how to use them while writing the training package, I became the organization's unofficial logic analyzer expert: "To capture the data when pin 3 is high, pin 17 is low, and there is a state transistion on pin 5 or 12, connect these leads and set these switches..."
If I needed a logic analyzer now, I would looks first at the PC-based units such as the one in the link. Meanwhile, my multi-channel tool is a Tektronix 2247A 4 channel scope, found for $100US when a local company shut down ther R&D unit. The calibration is a couple of years out of date, but with free-running clocks on most of the PICAXE circuits I build, relative timing (are the SDA and SCL leads changing state appropriatel?) is more important than to-the-microsecond values.
John