I try not to push 2.0 information too much, as there are many others out there with far more knowledge on it than me.
Having said that, I saw this new setting this morning.
<trace enabled="true|false" localOnly="true|false" pageOutput="true|false" requestLimit="integer" mostRecent="true|false" writeToDiagnosticsTrace="true|false" traceMode="SortByTime|SortByCategory"/>
I'll be the first to admit, I go crazy with _context.Trace.Write and _context.Trace.Warn in my code. However, then you either get into the situation of having to look at your trace.axd file a lot, or even worse, leave the trace info in the page, and show people your underwear (or worse, server names and IPs). Now, with writeToDiagnosticsTrace, it goes to System.Diagnostics.Trace, so any listener you have for that (such as the VS debug window, or the excellent SysInternal's DebugView will pick it up.