awk is so much better than sed to learn given its ability, the only unix tool it doesn't replace is tr and tail, but other than that, you can use it instead of grep, cut, sed, head.
You can, sure, but, tail seeks to EOF and then goes back until it finds "\n", awk cannot seek, so you must do what you did there, that means the bigger the file the longer the time.
And there's also tail -f, how would you go about doing that? a while loop that sleeps and reopens the file? yuck