Abstract: Path spaces, continuous tensor products and E_0-semigroups \abstract We classify all continuous tensor product systems of Hilbert spaces which are ``infinitely divisible" in the sense that they have an associated logarithmic structure. These results are applied to the theory of \esg s to deduce that every \esg\ possessing sufficiently many ``decomposable" operators must be cocycle conjugate to a $CCR$ flow. A {\it path space} is an abstraction of the set of paths in a topological space, on which there is given an associative rule of concatenation. A {\it metric path space} is a pair $(P,g)$ consisting of a path space $P$ and a function $g:P^2\to \Bbb C$ which behaves as if it were the logarithm of a multiplicative inner product. The logarithmic structures associated with infinitely divisible product systems are such objects. The preceding results are based on a classification of metric path spaces. \endabstract