Tracking configuration files such as most everything in /etc is a good idea. Rather than committing only a few files, simply commit everything. Managing /etc can be a little tricky (you have to be able to restore permissions and ownership of files, which version control software doesn't typically do), and it's really handy to have package managers perform commits automatically, so I don't recommend using version control software directly. Instead, use etckeeper, which takes care of managing permission and ownership, and has hooks for yum. Unlike Debian and Ubuntu, CentOS doesn't ship etckeeper out of the box but it can be installed.
Tracking /usr/local/bin and /usr/local/sbin can be a good idea, though it depends what you put there. If you write scripts for your system and put them there, these directories should be under version control. If you install third-party software, these directories probably should not be under version control. What I do is to write my local scripts in /etc/local/bin and /etc/local/sbin (which are in the etckeeper-managed area) and either add these directories to the system-wide default PATH or create symbolic links under /usr/local.
Putting log files such as /var/log/dmesg and /var/log/rpmpkgs under version control is pointless. Log files only ever grow under normal operation. They may be rotated, which shrinks the log file but does not remove any log data: it's just moved to a new file name. Since the log only grows, there is no point in reverting to an earlier version. The log won't be branched. The log is only ever modified automatically, no manually. Thus none of the benefits of version control come into play.
Worse, there may be a legal requirement to purge old logs for privacy. Putting the logs under version control makes it very difficult to purge old versions. Logs should be archived separately.