Like everything else about the game, it tends to do things in linux mode. So the carriage returns dont work so well. Try reading it in WordPad instead of NotePade (from the paths at the beginning of the log it looks like you are a windows user)
A host could really abuse it. It looks like you ran it with a -d but if you add more d's it increases the output. Be careful though, when I first played with it I created a log so huge that it made my machine puke.
It does seem to spend awhile loading new items, new units, new sprites. And since the game is setup for pbem it might be that it reloads those all at the beginning of each turn.
There are many facets to reading the log. What I love is seeing the AI thinking. You should see the logs from my games with 75 AIs
