| logfile='', mode='w', top=10) | 
'w' for overwriting or 'a' for appending).
If unspecified, logfile defaults to the base script name (i.e. the content of sys.argv[0] without the final .py) with a .log-psyco extension appened.
See below for the meaning of top.
A log file has the structure outlined in the following example (from test/bpnn.py):
11:33:53.19  Logging started, 12/22/02                  %%%%%%%%%%%%%%%%%%%%
11:33:53.29  ActivePassiveProfiler: starting                           %%%%%
11:33:53.40   ______
        #1   |95.1 %|  active_start              ...psyco\profiler.py:258
        #2   | 0.9 %|  ?                         ...\lib\traceback.py:1
        #3   | 0.8 %|  ?                                      bpnn.py:8
        #4   | 0.7 %|  time                                   bpnn.py:22
        #5   | 0.4 %|  seed                      ...222\lib\random.py:140
        #6   | 0.3 %|  ?                         ...\lib\linecache.py:6
        #7   | 0.3 %|  write                     ...s\psyco\logger.py:22
        #8   | 0.3 %|  __init__                               bpnn.py:48
        #9   | 0.2 %|  go                        ...psyco\profiler.py:31
11:33:53.62  tag function: backPropagate                                   %
11:33:53.62  tag function: update                                          %
11:33:53.67  tag function: train                                           %
11:33:54.12   ______
        #1   |58.4 %|  active_start              ...psyco\profiler.py:258
        #2   | 2.5 %|  random                    ...222\lib\random.py:168
        #3   | 2.1 %|  __init__                               bpnn.py:48
        #4   | 2.1 %|  demo                                   bpnn.py:167
        #5   | 2.0 %|  dumpcharges               ...s\psyco\logger.py:56
        #6   | 1.2 %|  do_profile                ...psyco\profiler.py:299
        #7   | 1.2 %|  rand                                   bpnn.py:36
        #8   | 0.9 %|  makeMatrix                             bpnn.py:40
        #9   | 0.8 %|  time                                   bpnn.py:22
        #10  | 0.6 %|  ?                                      bpnn.py:8
(...cut...)
11:33:55.50   ______
        #1   |42.5 %|  active_start              ...psyco\profiler.py:258
        #2   | 8.3 %|  random                    ...222\lib\random.py:168
        #3   | 6.7 %|  dumpcharges               ...s\psyco\logger.py:56
        #4   | 6.6 %|  __init__                               bpnn.py:48
        #5   | 4.0 %|  rand                                   bpnn.py:36
        #6   | 3.4 %|  demo                                   bpnn.py:167
        #7   | 2.9 %|  makeMatrix                             bpnn.py:40
        #8   | 2.3 %|  do_profile                ...psyco\profiler.py:299
        #9   | 1.3 %|  time                                   bpnn.py:22
        #10  | 1.0 %|  test                                   bpnn.py:140
11:33:55.50  tag function: random                                          %
11:33:55.94  memory usage: 220+ kb                                         %
11:33:55.94  program exit, 12/22/02                     %%%%%%%%%%%%%%%%%%%%
The first column is a time (hours, minutes, seconds, hundredths). Most lines end in a number of percent signs; the more percent signs, the more important the line is, so that you can for example do a "grep %%% bpnn.log-psyco" to see the lines of importance 3 or more. As an exception, lines produced by the Psyco C core (as opposed to the Python glue, e.g. the profiler logic) end in "% %" (percent, space, percent).
The most common lines you will find in logs are:
+ sign is supposed to remind you that this figure is highly underestimated).  Use this info to tune the memory limits (section 3.2.2).
** argument.  This is a limitation of Psyco; try to avoid ** arguments (or write to me and insist on this feature).