Profile does not currently log anything in the Sakai event log. The event log is useful both for site statistics (user activity within site, e.g. as reported by the UFP SiteStats tool), and for research purposes when investigating how users have used Sakai, which in turn is important for informing further development.
Profile should post events to the Sakai log (profile.*) for each meaningful user action, e.g.
profile.add = A new profile is created
profile.view = User views a profile
profile.revise = User edits their profile
The REF field should include the site id (context) and where the user views a profile, the target user's eid.