New Event button is ideally used to enter an Event scheduled on a future or today's date while Log Event button is used to record an Event for tracking purposes only.
As for the differences in the standard forms, the default Status for a New Event is Confirmed while it is Completed for a Log Event. Reminder and Reminder Type are present only in the New Event Form. Notice that there are tabs for Resources, Availability and Recurrence.
Note: These buttons can be found on records like customers, under Communication > Activities for example.
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