I briefly investigated several similar-purposed gems including:  PaperTrail, Vestal versions, audited, Acts as versioned, Userstamp , and found that:
- PaperTrail, Vestal versions and Acts as versioned are all very powerful versioning gem. Yes, you can also use it to audit/track users' activities , but it's not very straight forward because they are 'versioning tools', but not for the 'auditing purpose' 
- Userstamp and audited are for auditing purposing only. but Userstamp is for older Rails versions ( it's a plugin... which is not supported by Rails3(or 3.1, 3.2?) anymore )   
so I think 'audited' is a better choice for auditing user activities purpose (not considering model versioning) for Rails3, this is enough for me. Further more, it supports associations and ActiveRecord/MongoMapper.
I hope this helps.