Hi Gregory:
I like your focus on improvement because ultimately, although teachers use journals for different reasons, improvement as teachers (and individuals) is the result of reflection on past notes and comments.
Chronological records, mistakes or inspirede moments, class progress, observations, frustrations - these are all examples of what teachers may choose to keep in their journals.
The benefit is to read after several classes or several years, and review how the teacher looked at thinks at that time (as compared to present).
Not all teachers journailze, but those that do find it a very useful tool.
Regards, Barry