Uncontrolled drying can lead to "checks" or cracks, and when treated right can become beautiful texture.
Split & Hollow
In order to hollow out a solid log, it must first be split. A properly tuned band saw with a sharp blade is the most effective tool for accurately splitting a log lengthwise, although other tools can work just fine. Depending on several factors, I will make choices about what line to follow from one end to the other, but the primary thing I consider is what is the natural upright direction for a particular piece.
Once a log is split, I will scribe a line on each side of the cut to mark the approximate inner wall. This serves as a visual guide to help during the hollowing out process.
My tool of choice for hollowing out logs is a power carving attachment for an angle grinder made by Arbortech. There are various methods for achieving two hollowed out halves of a log, but the end goal is to have relatively consistent wall thickness.