That looks like fairly typical cracking due to movement or lack of a bond breaker/backer rod. Good news is that chinking sticks to itself, so repairs should be pretty easy.
To repair cohesive failure (in the top of the picture, where the chinking has split down the middle):
1) Use a razor blade to release the pressure.
2) If there's room, insert a backer rod. This helps form the proper sealant shape where the chinking adheres to two sides of the joint and not the back side. (If there's not room, that's fine. Backer rod isn't so critical on homes that have done the majority of their drying and moving.)
3) Clean off the chinking. A spray bottle with some Simple Green or other household cleaner will do the trick.
4) Apply more chinking over top. Smooth it out so it blends in with the original chinking line.
For adhesive failure (at the bottom of the pic, where the chinking has pulled away from the side of the log):
1) Cut out that area of chinking.
2) Sand down the wood where the new chinking will adhere to get rid of oils, loose wood fibers, etc.
3) Clean the area. Get rid of any saw dust and spray with a household cleaner. Allow to thoroughly dry.
4) Insert a backer rod, if there's room.
5) OPTIONAL: Line the joint with blue painters tape. Makes for a neater joint.
6) Apply new chinking.
7) Smooth to ensure a good seal to the logs. Remove the blue painters tape before the chinking dries.
Hope that helps. Good luck with the projects around your new home!
--- Charis w/ Sashco - www.sashco.com/log-home - email@example.com
Hi, Patrick. Yes, Grip Strip is a type of backer rod. In that pic, looks like there might be some back in there already.
For some reason, the website isn't allowing me to post the rest of my reply. I've tried three times w/ no luck.
Feel free to email me for details, but the short of it: yes, repairs will be the same.
--- Charis - firstname.lastname@example.org