i just checked with one test results where value of property is "false" , a ".txt" file is generated which has all the reports for example org.apache.falcon.regression.prism.NewPrismProcessUpdateTest.txt. Also standard xml and html reports in "falcon-regression/merlin/target/surefire-reports" 
But that is only report with the error message and assertion failures  / stack trace, not the full console logs. So if you guys depend of full logs then we can make the value true. @raghavgautam  are you aware of some way so that we can get logs on console and also redirect them to the output file ?