There are two reasons to use CloudTrail Logs over S3 Server Access Logs:
- You are interested in bucket-level activity logging. CloudTrail has that, S3 logs does not.
- You have a log analysis setup that involves CloudWatch log streams. The basic S3 logs just store log events to files on some S3 bucket and from there it's up to you to process them (though most log analytics services can do this for you).
Bottom line: use CloudTrail, which costs extra, if you have a specific scenario that requires it. Otherwise, the "standard" S3 Server Access Logs are good enough.
From the CloudTrail developer guide Logging Amazon S3 API calls using AWS CloudTrail:
Using CloudTrail Logs with Amazon S3 Server Access Logs and CloudWatch Logs
You can use AWS CloudTrail logs together with server access logs for Amazon S3. CloudTrail logs provide you with detailed API tracking for Amazon S3 bucket-level and object-level operations, while server access logs for Amazon S3 provide you visibility into object-level operations on your data in Amazon S3. For more information about server access logs, see Amazon S3 Server Access Logging.
You can also use CloudTrail logs together with CloudWatch for Amazon S3. CloudTrail integration with CloudWatch logs delivers S3 bucket-level API activity captured by CloudTrail to a CloudWatch log stream in the CloudWatch log group you specify. You can create CloudWatch alarms for monitoring specific API activity and receive email notifications when the specific API activity occurs. For more information about CloudWatch alarms for monitoring specific API activity, see the AWS CloudTrail User Guide. For more information about using CloudWatch with Amazon S3, see Monitoring Metrics with Amazon CloudWatch.