In my opinion, the decision as to whether or not to log to the Windows event log, depends on your application, and the people running your software.
There is definitely no downside to logging to the event log, and anybody employing a log monitoring solution will appreciate your efforts.
Generally speaking you should definitely avoid logging "debug"-type messages to the event log, or anything that produces a large quantity of messages in a short amount of time. But any information that is useful to the person administering your software, could (and should) be logged to the event log.
STATUS_ACCESS_DENI also mentioned localization, an important advantage over traditional logging.
You would log things like:
- Errors and Warnings that require intervention
- Significant status reports (software started, stopped, updated itself, etc.)
You may want to take a look at this blog article that outlines how to create your own message dll, the preferred way when logging to the Windows event log:
http://www.eventlogblog.com/blog/2010/11/creating-your-very-own-event-m.html
One thing to probably keep in mind, is to design your logging so that it doesn't pollute the event log with duplicate events in a short period of time. Microsoft SQL Server, for example, will literally log thousands of identical events within seconds under certain circumstances. This can be frustrating for a sysadmin. Most log monitoring solutions can account for that, but it's still annoying.
Bottom line: Yes, you should consider logging to the event log.