Well, it looks like many folks here are finding out the reality that logbooks are only as accurate as the particular person making the particular entry at any particular time. I like the intention of logbooks. And they can be a useful tool in finding out how an aircraft has been generally maintained. But that is all they are good for.
.........................................Well, not all! They do serve one purpose. And they serve that one purpose very well. And that is as a "Gotcha" of any poor owner or mechanic if the FAA has cause to come snooping around. If there was not this liability over every logbook entry, I believe you would find more "honesty" out there in filling them out.
Personally, I am diligent in logging my maintenance entries for yet another reason. There is an IA that puts his neck on the line every time the aircraft is annualled. This is something every owner should keep in mind every time he works on his own airplane.