[logging] When to use the different log levels

I'd recommend adopting Syslog severity levels: DEBUG, INFO, NOTICE, WARNING, ERROR, CRITICAL, ALERT, EMERGENCY.
See http://en.wikipedia.org/wiki/Syslog#Severity_levels

They should provide enough fine-grained severity levels for most use-cases and are recognized by existing log-parsers. While you have of course the freedom to only implement a subset, e.g. DEBUG, ERROR, EMERGENCY depending on your app's requirements.

Let's standardize on something that's been around for ages instead of coming up with our own standard for every different app we make. Once you start aggregating logs and are trying to detect patterns across different ones it really helps.