We use the Audit functionality on the project object with success today - since we have an open environment that enables users to do changes on many investment being able to track who did a change is a major win for us.
One problem I have encountered is similar in the sense that we have several developers working on changes to the objects themselves - and keeping a log of the changes to be able to look back in time and see who did what is a lot of work.
Is there a way to enabling auditing on changes on the administration side to an object as well? I imagine that a log of changes like a new default view, a new custom attribute, a change of attribute values, etc. would be really good to have for most admins.