Unless income is no object or your servers are so overloaded logs are a nusiance, logging is a required function of your webserver. How else do you know how much traffic you receive, where its coming from and where its going? From an admin standpoint, you can learn where you have broken links in your HTML code, if someone is stealing your images (ie. hotlinking), monitor performance and even debug Apache (something new I learned).
Linux Exposed – Logging and Monitoring Apache (Part 1)
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