OCT
Mongo Feature Recap: Size-Limited Collections
With the Mongo database one may create collections of a predefined size, where old data automatically ages out on a least recently inserted basis. This can be quite handy. In JavaScript, it is as simple as this:
db.createCollection("mycoll", {capped: true, size:100000})
At collection creation time, specify that the collection is capped and set the size limit (in bytes).
A traditional approach to the problem is to write batch jobs which run periodically and remove old rows from tables. This is ok, but is extra work. If you don't have a full time DBA and are under the gun in a release cycle, chances are you will put off this cleanup work until later -- and if forgotten, bad things may happen.
This example is consistent with one of the principles we believe will be important in cloud computing: that configuration and maintenance work should be minimized to the greatest extent possible. In the long run we want to see a world where you write your code, and after that, if it is correct, your work is done.
See the documentation for more information.

Comments
dwight
I should also mention that the design is such that there is almost no overhead when the objects are ejected.