Simple rate limiting is adequate for controlling the size of a log file it is not really suitable for much else. We could use it to limit the number of connection attempts to a particular service in any given period, for example, but as it pays no regard to who is attempting to connect this would just be a recipe for an easy denial of service attack.

iptables -A LOGDROP -m limit --limit 1/second --limit-burst 20 \
   -j LOG --log-prefix 'FIREWALL - DROP:' --log-level info