How about this:
- An error is an event that someone should act on. Not necessarily you. But if it's not an event that ever needs the attention of a person then the severity is less than an error.
Examples: Invalid credentials. HTTP 404 - Not Found, HTTP 403 Forbidden, (all of the HTTP 400s, by definition)
It's not my problem as a site owner if one of my users entered the wrong URL or typed their password wrong, but it's somebody's problem.
A warning is something that A) a person would likely want to know and B) wouldn't necessarily need to act on
INFO is for something a person would likely want to know and unlikely needs action
DEBUG is for something likely to be helpful
TRACE is for just about anything that happens
EMERG/CRIT are for significant errors of immediate impact
PANIC the sky is falling, I hope you have good running shoes