You are looking at the HTML representation of the XML format.
HTML is good for debugging, but is unsuitable for application use.
Specify the format parameter to change the output format.
To see the non HTML representation of the XML format, set format=xml.
See the complete documentation, or API help for more information. 
<?xml version="1.0"?>
<api>
  <query-continue>
    <logevents lecontinue="20120730235414|395" />
  </query-continue>
  <query>
    <logevents>
      <item logid="405" ns="2" title="Utente:Inse" pageid="266" logpage="266" type="rights" action="rights" user="Azel" timestamp="2012-08-07T09:31:50Z" comment="go!">
        <rights old="" new="sysop, bureaucrat" />
      </item>
      <item logid="404" ns="2" title="Utente:Nanodagiardino" pageid="136" logpage="136" type="rights" action="rights" user="Azel" timestamp="2012-08-07T09:31:40Z" comment="">
        <rights old="bureaucrat" new="bureaucrat, sysop" />
      </item>
      <item logid="403" ns="3" title="Discussioni utente:Inse" pageid="267" logpage="267" type="patrol" action="patrol" user="Azel" timestamp="2012-08-03T19:31:08Z" comment="">
        <patrol cur="534" prev="0" auto="1" />
      </item>
      <item logid="402" ns="2" title="Utente:Inse" pageid="266" logpage="266" type="patrol" action="patrol" user="Azel" timestamp="2012-08-03T19:31:08Z" comment="">
        <patrol cur="533" prev="0" auto="1" />
      </item>
      <item logid="401" ns="2" title="Utente:Inse" pageid="266" logpage="0" type="newusers" action="create2" user="Azel" timestamp="2012-08-03T19:31:08Z" comment="">
        <param>5</param>
      </item>
      <item logid="400" ns="6" title="File:100px-Alucardus.jpg" pageid="0" logpage="0" type="delete" action="delete" user="Azel" timestamp="2012-07-31T00:01:34Z" comment="" />
      <item logid="399" ns="6" title="File:180px-Ban uol.jpg" pageid="265" logpage="265" type="upload" action="overwrite" user="Maintenance script" anon="" timestamp="2012-07-30T23:54:14Z" comment="Importing image file" />
      <item logid="398" ns="6" title="File:Matrimonio kizzo.jpg" pageid="264" logpage="264" type="upload" action="overwrite" user="Maintenance script" anon="" timestamp="2012-07-30T23:54:14Z" comment="Importing image file" />
      <item logid="397" ns="6" title="File:180px-Cow1.jpg" pageid="263" logpage="263" type="upload" action="overwrite" user="Maintenance script" anon="" timestamp="2012-07-30T23:54:14Z" comment="Importing image file" />
      <item logid="396" ns="6" title="File:100px-Ingro.jpg" pageid="262" logpage="262" type="upload" action="overwrite" user="Maintenance script" anon="" timestamp="2012-07-30T23:54:14Z" comment="Importing image file" />
    </logevents>
  </query>
</api>