In the majority of production scenarios I tend to deploy a custom error reporting component within the database tier, as part of the solution. Nothing fancy, just a handful of log tables and a few of stored procedures that manage the error logging process.
All stored procedure code that is executed on a production server is then encapsulated using the TRY-CATCH-BLOCK feature available within SQL Server 2005 and above.
This means that in the unlikely event that a given stored procedures were to fail, the details of the error that occurred and the stored procedure that generated it are recorded to a log table. A simple stored procedure call is made from within the CATCH BLOCK in order to record the relevant details.
The foundations for this implementation are actually explained in books online here
Should you wish, you can easily extend this implementation further, for example by incorporating email notification to a DBA or even an SMS alert could be sent dependent on the severity of the error.
An implementation of this sort ensures that if your stored procedure did not report failure then it was of course successful.
Once you have a simple and robust framework in place, it is then straightforward to duplicate and rollout your base implementation to other production servers/application platforms.
Nothing special here, just simple error logging and reporting that works.
If on the other hand you also need to record the successful execution of stored procedures then again, a similar solution can be devised that incorporates log table/s.
I think this question is screaming out for a blog post……..