Parse this massive amount of text in the shortest time possible.
Consider the PADS Project from AT&T. It's a special-purpose language, compatible with C, that's designed exactly for high-speed parsing of log files and other ad hoc data formats. There's even a feature where it can try to learn your log format from examples, although I don't know if that has hit production yet. The people behind the project are really smart, and it's had a big impact within the phone company. PADS gives very high performance on data streams that produce gigabytes. Joe Bob says check it out.
If "massive text in the shortest time possible", Perl and Python are not the answer. But if you need to whip up something not too slow, and it's OK to take longer, Perl and Python could be OK. Tems of megabytes is not actually that big.