Logs time and what URLs were run but not the IP address, so it's very hard to know what's actually happening.
here's an example:
28/4/13 @ 15:07:45, (admin, ) => plugins.php?activate=true&plugin_status=all&paged=1&s=
28/4/13 @ 15:07:58, (admin, ) => tools.php
28/4/13 @ 15:08:08, (admin, ) => plugins.php
28/4/13 @ 15:08:52, (admin, ) => edit.php?post_type=page
28/4/13 @ 15:09:19, (admin, ) =>
28/4/13 @ 15:09:34, (admin, ) => edit-comments.php
28/4/13 @ 15:09:44, (admin, ) => tools.php
28/4/13 @ 15:09:47, (admin, ) => options-general.php
28/4/13 @ 15:09:51, (admin, ) => options-general.php?page=admin-log/admin-log.php
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