Note: This article was written using Log Parser 2.2. Therefore, while it may work for a different version, it may not.
The following code will generate a listing of calls that generated a 404 error.
logparser "SELECT cs-uri-stem, cs-uri-query, date, sc-status, cs(Referer) INTO 404report.txt FROM ex*.log WHERE sc-status = 404 ORDER BY date, cs-uri-stem, cs-uri-query"
This assumes that you've currently got a command line open in the folder containing your IIS logs, and that you are logging the above information, as well as that logparser is setup in your PATH line.
A file called '404report.txt' will be generated in the folder containing your log files, which will list the above five fields. It's possible to generate a count instead, but I have no done so above.
Here's one that generates a count with pages and referers listed, of 404 pages.
logparser "SELECT cs-uri-stem AS page, cs(Referer) AS referer, count(*) AS hits INTO 404report.txt FROM ex*.log WHERE sc-status = 404 GROUP BY page, referer ORDER BY page"
All-in-all, I'm pretty impressed by this tool, once you have time to actually work with it.
Update, 2007.09.09
Updated both codes to export to 404report.txt, instead of just report.txt.