In one aspect of the invention, a downhole sensor system comprises at least one downhole sensor disposed on or within a downhole component of a tool string. The downhole sensor is adapted to detect at least one characteristic of a downhole formation adjacent the downhole component. The downhole sensor has a variable sampling rate controlled by a processing element. The processing element is in electrical communication with a tool string rate-of-penetration sensor and/or a tool string rotational speed sensor. The processing element is adapted to vary the sampling rate in response to the rate-of-penetration and/or rotational speed of the tool string. In some embodiments, the system is a closed loop system.
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