Hi Prabhu,
Java provides inbuilt Exception Handling. And infact it forces you to handle most of the common exceptions. You could ofcourse define your own exception classes and use them.
For logging, System.out.println or your own logfile writing is tedious. There are tons of freebies you can use for it. do a search in sourceforge. JLog or Log4J are the best according to me. Log4J provides various debugging levels also.
Java has also provided new logging -> java.util.logging (Java 2 Platform SE v1.4.2)
Hope this helps.
Regards,
Chandra