Something I don't see above is the "trace this program and display output immediately", i.e. without storing to a file. strace and ltrace both have this mode and for simple things I find it more useful.
For example, while testing I tend to first use strace directly to tune the filter options (quick check whether there's too much or too little output) and when that's right, save it to a file. An option to stop tracing after a certain number of messages would also be useful.
That aside, it looks like a fantastic tool that would let me get started with tracing without having to have the documentation next to me the whole time.