The third answer is talking about a different feature. Message tracking is for tracking the flow of messages through your mail system and out to the next step out from your Exchange system, eg firewall. A new log is created every day at 00:00GMT, and it is written to in sequence. These logs may be anywhere from 5MB on a smallish system, up to well over 100MB on a busy system, and are plain text files.
Diagnostics logging writes an entry to the event log for each event/step performed. Diagnostics logging can be enabled on many levels of Exchange, and you can choose the level of logging at a very granular level. It should only be used for diagnostics purposes, as it does increase the load on the systsm, and can chew up some disk space. 2GB+in a week is quite a lot, though.