I've seen the same thing with tail -f, and it confuses me as well. I look forward to an expert answer!
In this case, sed alone can handle the job, if you want to avoid perl: tail -f mylog | sed -n '/smtg/s/end/notend/p' --To UNSUBSCRIBE, email to [EMAIL PROTECTED] with a subject of "unsubscribe". Trouble? Contact [EMAIL PROTECTED]