As you know trace messages are shown only in Debug Mode in Flex Builder. You can follow the steps shown below to see the trace output in Flex Builder all the time.
Open Window > Preferences… menu
Select General > Editors > File Associations in the Tree
Add *.swf as the New File Type
Select the newly added *.swf file type and Add “Internal Web Browser” as the Associated Editor
Download the TracerV2.swf from this site. Read this blog entry for more info.
Using File > Open File… open TracerV2.swf
Configure the TracerV2.swf and follow the steps as shown
Move this TracerV2.swf for your convenience
Now you should see the trace output from any swf played through Debug Player as shown below
Thanks to Veejay who made me think of making Tracer panel more usable.
By the way, Happy 2007 🙂