I use the hit log to see if the attack did damage and to check for high damage attacks, because those are awesome. I'm not organized enough to make use of it in a card counting way, but I see no reason why others can't benefit if they want. If they need RP reasons, you could look at it as the physical damage being visible.
I don't have an active use for the logging of reaction fire, but it getting in the way of my getting information on the attack amuses me a great deal. I vote to leave it.