Your code and sample appear to work. I was able to get a basic sample to work correctly on my local machine. I suspect that the log file may have some empty fields and/or extra line breaks which are causing problems.
I assumed that a line breaks follows the closing curly brace for each record in you sample data.
Here is the code I used:
<!---
http://forums.adobe.com/message/4556466#4556466
--->
<cfset logpath = expandpath(".") & "\actionlog.txt">
<cffile action="read" file="#logpath#" variable="logfile">
<html>
<head>
<title>CFFORUM QUESTION</title>
</head>
<body>
<table border="1">
<cfloop index="thisrow" list="#logfile#" delimiters="#chr(10)#">
<tr>
<cfoutput>
<td>#listgetat(thisrow,1,"|")#</td>
<td>#listgetat(thisrow,2,"|")#</td>
<td>#Dateformat(listgetat(thisrow,3,"|"),"dd/mm/yyyy")# #Timeformat(listgetat(thisrow,3,"|"),"h:mm:sstt")#</td>
</cfoutput>
</tr>
</cfloop>
</table>
</body>
</html>
