If you mean the "plainkeys", channel-ids, etc., they are logged.
A special "Season" interface is used to monitor the constant traffic across CAM/card (commands being trasnmitted by the provider) gathering it on a PC for analysis using "key-hunter" type software which can be downloaded from the usual sat hack sites.
Seasons come in various forms. The handiest is a passive-Season which replaces the smartcard in the CAM slot. The card is then put into a card-slot on the season interfaces. The season is then connected to a PC (serial port). All transmitted commands still get passed to and processed by the card, buy are also now diverted (together with the card's response) to a database on the PC.
This is how hackers first start to investigate how a new encyption system operates.
Some commands such as activation pulses are only transmitted once. For example, the masterkey for a particular Irdeto MOSC is embedded in such once-only activation commands. So if you ever want to find out the masterkey for your card (unique to each card) you need to have been logging at the moment it was transmitted.
Fortunately there are dedicated hobbyists out there who are constantly logging. And since even card-specific copmmands are actually transmitted across the whole of Europe, anyone logging will pick them up. Their own card won;t react to it, since the serial number doesn't match, but the transmission will be picked up.
There are a few sites around which contain huge databases of such data, populated by those hobbyists. More often than not, your own card's masterkey is there.
I´ve always thought that the initial M. key already was in the card before delivered. That has to depend on the provider.
Anyway, if they send a new M. key it has to be encrypted using another key that already might be known? Or am I wrong?