It's not possible to monitor those logs directly from the ePO console, but whenever an entry is made into the local log it sends a matching event back to the ePO server separately (Unless configured not to).
This means the same data is in the ePO database and is available to all the standard queries and reports.
Adding to Rob reply..you can view the agent log from the console.
Click on the more action tabs and you can select show agent log.
You are not looking at the native agent log file with that option, you are looking at the XML equivalent (as would be viewed in the Agent Monitor window).
The full detail is in the text version on the local machine. Still, it's quite useful.
Also, it's not a real-time monitor. You have to manually refresh to get an update to the view.
It will be great to have such option available from ePO interface, the same way as the agent log. Something like View Logs> menu and then log file list depending on products installed on particular client....
Another functionality I'm missing is Scan Now option for particular clients.
You can use the FMR process (Feature Modification Request) to submit ideas for new product functionality to McAfee.
The process is described in KB60021.
Please bear in mind that much of the data is already transmitted back to ePO in the form of events that can be queried through ePO.
What remains is often only useful for troubleshooting problems.
ePO also scales up to well over 100,000 managed nodes per ePO server. (Hardware & network permitting).
Providing such a level of detail on that large a scale is a difficult task.
The current equivalent of a 'scan now' option would be to make a scan task with a schedule of 'run immediately'. You can then apply this to one or all your machines as needed.
Make a wakeup call after and it will send the task and run it straight away.