It usually emits 72 dashes, so that I can stay within that margin (manually, heh). Edited to not break HN. The '##' is because I habitually markdown format everything.
Mine is similar. My journal file is the hidden file ~/.journal and my script is in my home bin directory. It sets up a cat from STDIN, so I can just jot a few things down and ^D. I wanted something that would be as easy to use and non-intrusive as possible. And I used the %% on a line by themselves as the divider, as I also do in my Quotes_Aphorisms file, so scripts for searching and manipulating the fortune databases will also work on them.
One accidental command and every entry is lost, not just one entry or the most recent. Adding a "git commit journal.txt; git push offsite master" or something similar to your journal script will alleviate that risk.
Edit: you also don't have file timestamps to show when an entry was actually written, in case that matters to you.
I'm doing something similar. I found a cool vim command, ':r !date' for the current date. I'm using hg mercurial in addition to get additional backup security and logging. : P
I also decided host the repo at bitbucket. This will let me have 'offsite' backups and the ability to pull my journal whenever I have a computer and internet... which is always.