If you use -iCheckPoint on the command line in combination with -i:W3C you'll see the error:
Error: invalid parameter "iCheckPoint"
For example:
\Program Files\Log Parser 2.2\LogParser.exe" "select Time,Message-Subject from 20080725.log" -i:W3C -iCheckPoint:temp.lpc -o:DATAGRID
Error: invalid parameter "iCheckPoint"
Whereas with TSV, for example, you don't get the error:
"\Program Files\Log Parser 2.2\LogParser.exe" "select Time,Message-Subject from 20080725.log" -i:TSV -nSkipLines:2 -iCheckpoint:.\temp.lpc -o:DATAGRID
Also, if you look in the LogParser 2.2 help file under Reference/Input Formats, you'll see that iCheckPoint is listed as a possible parameter for most input formats, but not for W3C.
I can get away with using TSV instead to process Exchange 2003 tracking files I think, but is there a downside to not using W3C?