Since I last posted here I've updated ClearTrace. You can download it here. There's also a ClickOnce installation if you just want to use the GUI version. ClearTrace now supports moving the trace files to an archive directory after they're processed. It also stores a summarized version of the trace files so it can query it faster. The latest release also includes numerous bug fixes.
This is a companion discussion topic for the original entry at http://billg.sqlteam.com/2006/04/07/9555/