See http://web2py.com/books/default/chapter/29/04/the-core#Logging. Note, the framework itself will only issue a limited number of INFO logs, so you won't have much visibility into the framework.
You can also set up profiling and logging of the HTTP requests (i.e., a list of each handled HTTP request) via gluon.main.appfactory.
Anthony
The goals is learning β to see and understand the process and working happening in the background to make everything work β to see the web2py in action from inside.
Currently, web2py works so well that one does not need to worry about things like that, which is great, but it also hides the workings which limits the learning using w2p of itself!
So, a little compromise on speed to see the workings would be akin to seeing a car's engine and transmission in action on a stationary car.