IMHO, Devel::DumpTrace is one of the best of the various trace tools.
:set nowrap " needed because some lines get OBNOXIOUSLY long
:match IncSearch /^[^>].*/ " make it easy to distinguish between DumpTrace lines and non
:" conceal
:syntax match NonText "^.\{-}:\d\+:\[[^\]]*\]:" conceal
:set conceallevel=2
:set concealcursor=nc " concealed text is hidden, except for in visual mode