I never logg ... so I might be shooting blanks here...
in ALT+O => IRC => Logging i find .. alot of checkboxes that whould suggest suport of ONE stuff you just said...
Strip Codes - It whould be logical if this ment CONTROL codes (bold, underline, color, normal, reverse) - Having this unchecked whould in turn logg the codes aswell.
----
Note as I said I might be shooting blanks ... but what else chould it mean ?