No, it's there as the default logger that every other logger inherits from it. You can set it up with whatever appenders you want, and at run time the log levels of the logger and appenders in combination (most restrictive) will decide what actualy gets logged.
Feel free to create as many named loggers as you want to meet your logging needs. Logger names (or categories) can be named anything you want, but they are intended to be dot-delimited paths like your CFC packages.
In your config, if you name your logger categories things like:
"coldbox.system"
"com.mysite.prducts"
"com.mysite.security"
"com.mysite.security.permssionBean"
Then you can inject "logbox:logger:{this}" into your CFCs which automatically names the logger after the full component path and inherits its settings from the closest named logging category. That way you an control logging settings in an entire package (ex. "com.mysite.security") by changing the settings for that logging category in your config.
http://wiki.coldbox.org/wiki/logbox.cfm
Thanks!
~Brad