Sunny, you can always have different levels of logging, which you can control by some input parameter to your logger framework. At basic, entry and exit logging seems fine, but yeah, for debugging you might like to see private data, sql statements, responses etc (in case if there are such things in your code)...
You may want to take a look at Aspect Ori�nted Programming (AOP) and use that approach to add generic logging advice to your classes, which in my opinion is ideally suited for the kind of logging actions you describe (on-enter, on-exit, parameters etc.). During development the logging advice can be enabled, whereas in production it can be just as easily disabled.
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subject: best places to put log inside source code?