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I can tell you if I am listed on the first 30 pages of Google for keyword X.
I can't tell you the reverse, which is, what keywords do I have a listing for in the first 30 pages.
Now, I can see that this would be irrelevant if I already have a list of the 200 or so of my top keywords. But what if that keyword that I just don't know about should really be the 10th most important to me. And further, because I don't know about it, I'm not referencing it and hence, it isn't showing up in my logs.
Am I making any sense?
We already monitor our logs.
For example, lets say I know about blue widgets, red widgets, and green widgets and I rank for that and see it in my logs. Now let's say that a new fad or such comes along and everyone is searching for silk widgets but I DON'T rank for that (or at least not well enough to be seeing hits from it) and so I'm missing out.
How is looking at my logs going to help me address that?
To keep up on new trends, you can subscribe to Google News daily alerts in your area, and monthly check the Overture keywords suggestions. Tweak your pages or create new ones as indicated by what you learn.
For a low-volume site I use AXS, which gives me the phrase and position, e.g. "fresh green widgets 21-30". This occasionally shows that I rank for some absurd terms.
If you are in business, say, as a dentist, then ranking high for an unexpected term won't get you more business unless the searcher lives near you.