ts
from moreutils will prepend a timestamp to every line of input you give it. You can format it using strftime too.
$ echo 'foo bar baz' | ts
Mar 21 18:07:28 foo bar baz
$ echo 'blah blah blah' | ts '%F %T'
2012-03-21 18:07:30 blah blah blah
$
To install it:
sudo apt-get install moreutils