The purpose of the Full recovery model is to enable you to recover your database after a failure. Full recovery retains every database transaction in the transaction log file (usually the .ldf file), meaning that you can usually use the "tail of the log", in addition to your database backups, to recover your data up to the point of failure, or to a specific point in time. With the Simple recovery model, you will only be able to recover your data to the point of your last (or earlier) backup.
Using the Full recovery model comes at a cost in compute resources. Since you can probably live without your logging data, and given that there will be a lot of transactions, it is probably a good idea to use the Simple recovery model for this database.
On a related point, if you use the Full recovery model, and don't back up your database, the transaction log file grows and grows. This is the cause of the "huge WSS_Config database transaction log file" question that crops up from time to time.
For more information about SQL Server, I recommend the SQL Skills site.