Response geared for someone who is not a geek: "Sometimes stuff doesn't happen." :0)
This is actually a very complicated topic that I can only skim the surface of.
For one, a hardware error that occurs below the ability of Windows to detect it will not show an error.
Another is that if you have too many errors, the buffers won't allow collecting more (depending on the system rules)
Events are not the same thing as errors. If you scan the typical logfiles, you'll see many, many entries labelled as "Information" and relatively few labeled as "Warning", "Error", or "Critical" events
ETW for Windows isn't often worked on by people in the online forums, so understanding it will take a lot of research on your own. I don't pretend to understand it myself.
In the past I had tried to study it enough to understand if it's reports would help with BSOD analysis - but had to give up when I couldn't find enough information to make the study worth my time.
Finally, it appears that some of the events aren't collected because of their size. If they're too big or too small, then they won't be collected. And the user has no control over this as they are determined by the programmer. Read about Missing Events in the first link below:
http://blogs.msdn.com/b/visualizeparallel/archive/2010/01/04/adjusting-buffer-settings-for-event-tracing-for-windows-etw.aspx (article on how to adjust the buffers)
http://windowsitpro.com/systems-management/inside-event-tracing-windows (an article about ETW)
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