I too miss trace a lot. Whenever I have worked on a common lisp project, trace has helped a ton to understand the application design, either for a new feature addition or a bug fix. Just knowing the starting function and tracing the package that it belongs to gets me going.
And using the Output Data View if I am using LW IDE is even more fun. [1]
trace also I think serves as a nice documentation if the functions are well documented in code, in that the output of trace to me reads like a doc!
[1] http://www.lispworks.com/documentation/lw70/IDE-M/html/ide-m...