I haven't even kept a log like this, how useful do you find it?
Is it similar to making a lot of small commits that you can search against?
But yes, if you did those things, you could have that log in the commit logs, but it wouldn't be a fantastic resource - it's more useful to me to have that in a local file here, with just my entries (as opposed to having to extract my entries from the entire team's), in grep-able plaintext.
And you'd also be missing the notebook part of the picture; the stuff in there shouldn't be in commit logs (you're talking about notes from meetings, design notes, patent notes, paper notes, that sort of thing).