raw PROP:*: { echo -a $nick sets the $2 property to: $3- }

This will echo any property change (topic, onjoin, hostkey, ownerkey, language), give the $nick that did it, the property that changed ($2) and what it changed to.

For example...
Dark Sky sets the OWNERKEY property to: newownerpass

If you only wanted password logging, you could use...
raw prop:*ownerkey*:
raw prop:*hostkey*:

You need to be Op in the channel to see prop changes.

Since you're talking about MSN chat, you need to be Owner. wink