I don't think the problem is too bad yet, in fact I would doubt there are more than a few people actually abusing the system. I really think if the offending users were warned about it and told their updates would be watched closely that it would stop pretty fast. I really was only asking this question because I found one particular person who was clearly abusing it and was curious of the guidelines.
Another thing that may be more confusion than anything is how the logs are used. My take on the update logs is that they are there to actually say what you updated about the project or whatever, and that is it. It seems other people use it more for commentary on their projects or future plans and things like that. I would think stuff like this should be edited into the main descriptions if they want people to read it rather than creating logs.
Again, this is only small problem, but it's another that drives me crazy when I see it.