Leveraging Essentials Log Files

I am trying to get a better handle on what types of events are written to our log files given the types of logs, and the log levels for each of those log types we are saving according to our settings in Manager.  I am looking to leverage these log files in gathering some basic statistics about the usage of my site(s) and to build some basic reports  on their use and general popularity.  We currently do not have the funding for additional tools (Optimizer / Insight) and I am trying to get by with what I am already paying for (i.e., Essentials)

We are currently creating both system and access logs with a ‘Info’ and ‘Warn’ setting on each respectively.  My question is this:

Does anyone know the types of events that would be written to the log types based on these settings? 

 

Further, can anyone assist me in deciphering what I am reading when I open one of these log files?  They are pretty nebulous to me.

Any assistance or guidance would be greatly appreciated.  Feel free to contact me if you need any further clarification.