This is my inetd.conf entry for ftp:
ftp stream tcp nowait root /etc/ftpd -d -l ftpd
I get semi-detailed logs in /var/adm/syslog, and different entries in /var/adm/xferlog
It's been a few years since I set-up logging on that server, so I don't remember what heartaches it involved.
This particular box is running 5.0.4 (on an old AMD586 w/16MB RAM!)