Unfortunately, I think the implementation leaves a lot to be desired. For one, not including the committer is an important flaw. If you're only managing your own system's configuration, it makes sense, but surely ESR realizes that UNIX-based OSes are multiuser systems, often administrated by teams of people. Being able to track whodunnit is definitely an important part of the equation. (It'd be incredibly clever if it signed the log with the user's public key too, but that might be asking a lot.)
Needing something like SRC to track changes to a simple README or HOWTO? My local bin dir? Ehh not so much. Especially if it's a software project? No, that definitely should live in the VCS with the code, so that those who touch the code will also touch the documentation. It says a lot about src that it doesn't even live in a src repository.