This is not an answer, but I feel that perhaps it may help others with similar questions understand the distributivity axioms and why they should be there. This would explain the distribution of division over addition and root extraction over multiplication, because in both cases the operation that distributes over the other is essentially the inverse of the repetition of the other.
$(a+b)/c = a/c + b/c$ is equivalent to $a*c + b*c = (a+b)*c$ for $c \ne 0$ (where "*" denotes multiplication)
$(a*b)^{1/c} = a^{1/c} b^{1/c}$ is equivalent to $a^c * b^c = (a*b)^c$ for $c \ne 0$ (using multi-valued functions for negative $a,b$)
These are obtained by using the inverse operations of the "outer" operation. For example, in the first case to get from the left to the right we can first substitute $(a,b)$ with $(a*c,b*c)$ to get $((a*c)+(b*c))/c = (a*c)/c + (b*c)/c$ and then cancel inverses to get $((a*c)+(b*c))/c = a+b$ and finally multiply both sides by $c$. The second is exactly the same but with different operations.
Now multiplication distributes over addition and powers distribute over multiplication because in each case the former is a repetition of the latter. To see this, we can recast them as:
$[+a] ^c [+b] ^c = ( [+a] [+b] ) ^c$
$[*a] ^c [*b] ^c = ( [*a] [*b] ) ^c$
This is a made-up notation where $[+a]$ means "add $a$" and $X^c$ means "repeat X $c$ times". Notice that $[+a] ^c = [+(a*c)]$ and $[*a] ^c = [*(a^c)]$. Also, notice that repetition distributes over any set of functions that commute with one another, hence the distributivity holds. Another way to see this is to note that the set $\{ [+x] : x \}$ is indeed a commutative ring with [+0] as identity and function composition as the binary operation, and likewise for $\{ [*x] : x \}$ with [*1] as identity.
To recover the original distributivity axioms we simply apply both sides of the above expressions to the respective identities in the corresponding ring, which is 0 for the first and 1 for the second. In other words, ( to 0 repeat ( ( adding a ) then ( adding b ) ) c times ) is the same as ( to 0 ( repeat ( adding a ) c times ) then ( repeat ( adding b ) c times ). If we took as axioms the distributivity of repetition over adding or multiplying, we see that the normal distributivity axioms become theorems. Of course, we only have integer $c$ but there is a natural extension to rationals, and then reals can be approximated by rationals in the usual way. Somehow they make complete sense to me this way, instead of just treating the axioms as arbitrary rules that work.
Back to the original question, $\log$ is the inverse of $\exp$ and neither are obvious repetitions of any sort. I'd be interested if anyone could recast either of them as such.
Anyway I would really like to see if anyone has a symmetric continuous solution to the functional equation using the exponential function: $e^{f(x,y)} = f(e^x,e^y)$ where f is a binary operator on $\mathbb{C}$.
*b = H(a,b) then log is required to satisfy log(a*b) = log(a)*log(b) for all a,b in C. That is, log is a homomorphism from (C,*) to (C,*). There is a small problem in that log(0) is not defined. – W. Edwin Clark Dec 19 '13 at 18:30