Let me show you an example on how to use the Correlation ID in Sharepoint 2010.
While installing SharePoint at the final step where all the Service applications are set up (Using the Central Admin Configuration Wizard) I got an error that the Service Application proxy “User Profile Service Application” could not be provissioned and it had a Correlation ID with it.
So I copied the Correlation ID and opened the latest log file stored in the “14 Hive” in the LOGS folder and searched for that Correlation ID and found that the request to the UserProfile Web Service (https://
:) was being timed out . / /ProfilePropertyService.svc
So then I opened the IIS Manager and Opened the UserProfile Web service’s Web.Config file and increased the Binding timeout from 20 secs to 50 secs and then I again ran the Server Configuration Wizard from Central administration and this time the User Profile Service Application was configured properly without any error.
The correlation ID helped me to find the exact error and so I was able to solve the error within no time. I think this is a fantastic feature which will save a lot of our time. Hope you all will make good use of this Correlation ID feature to find and solve the SharePoint errors that you get.