^o or $chr(15) resets the text to the default color and style based on the event. That is you choose to color an event blue, then it has some red bold text, $chr(15) reset's it back to plain blue.
This has been standard for a long time.
Also, mIRC should display logs accurately. To not do so defeats the purpose of providing a log viewer.
Last edited by MeStinkBAD; 09/01/11 11:21 AM.