Whenever you visit a website your computer shares a lot of information this includes...
IP address of the client computer
ID of the client computer
UserID of the client computer
Date / time when the server finished the file request - day/month/year:hour:minute:second zone
Method used for the file request
File requested
Protocol used for the request
Status returned from server to client
File size returned to client
File referrer - This gives the site that the client reports having been referred from
User agent - This is the identifying information that the client browser reports about itself.
This is mostly done so so the content of the website is delivered to you and is increasingly more important as more people are using devices other than computers to access the internet.
For example, if you're visiting an adaptive web site then knowing some of that information changes the view of the web pages you get or it may forward you to the mobile version of a site.
Nearly all web servers have the ability to keep logs of their visitors and it is usually done to provide analysis of how people use the site and to help improve it.
In some countries, NOT keeping those logs is an offense - http://padawan.info/en/2005/02/keeping-server.html The US is among those countries that insist the log files are to be kept - http://www.mcbride-law.com/2009/12/22/production-of-internet-server-log-files/ - and here's the case that it refers to - http://www.mcbride-law.com/wp-content/uploads/2010/01/Mai-Systems-Corp-v.-Peak-Computer-CASD-1992RAM-discovery.pdf
Google had to do the same thing when it got told to hand over all it's YouTube server records to Viacom in July 2008 - http://www.computerweekly.com/news/2240086443/YouTube-strikes-user-privacy-deal-with-Viacom-over-data-hand-over-in-court-battle - This decision was reversed in June 2010 - http://en.wikipedia.org/wiki/Viacom_International_Inc._v._YouTube,_Inc. and as far as I know still in court somewhere.
From your IP address the web owner cannot get much. Who your ISP is and your approximate location. For some reason my IP address nearly always gives my location as Wichita, Kansas or Rochester, New York. My ISP must have offices in those two places because I don't live in Wichita or Rochester or even Kansas or New York state.
The only people who can match your physical address with your IP address is your ISP and they don't give anybody that information without a court order. Verizon, for example, spent a lot of time and money and went to the Supreme court to ensure that those records are kept safe from anyone else.