We track the logs Microsoft provides on most levels as well as many of the systems include audit tables that are updated on insert or update to certain tables. We capture before and after images. The triggers are applied where the project business expert believes we need such protection.
In many of the application I have written over the past 5 years or so there is extensive logging during development. As the application have been developed logging is done for both the development and production levels. One for debug the second for transaction counts. By altering a value in the config file the mode of operation can be changed from verbose to terse where more or less logging will happen. Terse includes the logging of events that are critical for building business metrics and for exceptions in the processing of data. Verbose includes clues to the developer or debugger what is going on in much more detail.
The responsibility of the developer is to also determine the process of removal of unneeded log records after a period of time. A procedure to delete those records that are useless over time and leaves the necessary log records runs as needed to sweep the log files.
Not all gray hairs are Dinosaurs!