less +F filename does the same thing, but loses the following when the logfile gets rotated. Does the same thing happen to tail -f? (edit: alexfoo answered that tail -F tracks the file properly)
one benefit to less +F is that you can cancel the following and read normally in less.
tail -F filename
as most of the logfiles I need to watch tend to wrap at some point and 'tail -f' doesn't check for inode changes.
(-F is a non-standard option, it's there on GNU's [EDIT] tail binary and OS-X but not Solaris for example).