I have a client with a good bit of intellectual property in their SharePoint
portal. They want certain people to be able to view it, but they also want
to limit potential IP theft. This particularly comes into play if one of
the privileged individuals leaves the company. If nothing else, my client
would like to be able to determine who has viewed what documents when.

My first reaction was "well, IIS logs all of that", but of course it's not
in a very friendly format. I know I could install SmarterStats or another
third-party package to offer detailed reports on requests, but is there any
way to get detail like that out of the built-in reporting features?