>PS. you forgot from your list the fact that most this kind of binary formats take more space than text formats.
You might want to read the docs again:
"The fields, an entry consists off, are stored as individual objects in the journal file, which are then referenced by all entries, which need them. This saves substantial disk space since journal entries are usually highly repetitive (think: every local message will include the same _HOSTNAME= and _MACHINE_ID= field). Data fields are compressed in order to save disk space. The net effect is that even though substantially more meta data is logged by the journal than by classic syslog the disk footprint does not immediately reflect that."