You are referring to the LightBlue Explorer app for iOS specifically, yes? First, please ensure that you are using the latest version of the app and at least iOS 9. If you are viewing a specific characteristic of a virtual peripheral, you should be able to see the value change when the peripheral is written to. On the other side, if you are connected as a central to that peripheral from LightBlue Explorer on another phone, you should be able to subscribe to notifications from that characteristic using the "Listen for notifications" button (as long as the characteristic has the "Notify" property set). You should then get an update any time the characteristic's value changes, either in the form of a banner or from the value changing on the actual characteristic page. These updates should also appear in the log.
Unfortunately you are right that the log does not currently include much virtual peripheral activity. We appreciate your feedback and will include that in our list of desired improvements to make for the next release. Keep an eye out for updates!