An extensive build log is a positive indicator that the builder cares a lot about the project, and that generally (certainly not always) translates into a quality build. Lack of a log does not necessarily mean a lack of quality, but it leaves a lot to be guessed at which can only be answered by a very thorough inspection, by someone who knows the model.
With just over 400 hours on my 9A, I can't tell you how many times I've gone back into my builders log and the pictures I took of the build to look at a particular piece to answer a question. Just last week I had to replace a starter solenoid, and immediately went to look at my firewall pictures to remind myself whether it was bolts/nuts or bolts/nutplates that held it on to the firewall - to tell me if it was a one-man or two-man job to replace it.
To Tim's point though, builders logs are not necessarily required - but maintenance logs are.
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Greg Niehues - SEL, IFR, Repairman Cert.
Garden City, TX VAF 2020 dues paid 
N16GN flying 700 hrs and counting; IO360, SDS, WWRV200, Dynon HDX, 430W
Built an off-plan RV9A with too much fuel and too much HP. Should drop dead any minute now.
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