The Log

I've used it almost exclusively whenever I've found it, given the nature of the reference, but have not found any 'hidden' attributes or buffs or whatever. Am I meant to use two?

 

Have you tried listening to it?

It's a joke, a reference to "Twin Peaks. The Log supposedly whispered secrets to the 'log lady'.
http://www.imdb.com/character/ch0009715/quotes

 

I did mention that I was aware of the reference. I even made my own in the question I asked.

 

you can look up all the properties of the item by browsing the itemdb file in the expansion content folder.