http://blogs.msdn.com/kcwalina/archive/2005/09/20/TracingAPIs.aspx
I found a very encouraging post about the new tracing APIs that we added to .NET Framework 2.0. Kathleen Dollard wrote: “Sometimes Microsoft absolutely amazes me. I know .NET is big, and I know that the 2.0 release is rather overwhelming even to Softies, but when there is a real jewel hidden in there, you’d think someone would know about.”
For those who want to learn more about the API. Here are some excellent posts by Mike Rousos (a member of the BCL team) describing the features: