This is a forwarded feature request that I have reworded.
The retention policy should be based on both a time duration and a minimum number of entries. In other words, all events older than the specified time duration should be deleted, except for the last n events, even if they are older than the specified time duration.
The motivation behind the proposal is to always keep the most recent events to understand the history of this host or service.
CC: @bobapple, @lippserd