I’ve used a similar tool for SharePoint back in the day (around 2007) and I remember how much easier my life was. Funny enough, never really considered looking for this for CRM until recently.
Browsing though CodePlex looking for interesting stuff, I stumbled upon another great project by Tanguy.
You can get more details on CRM Trace Reader, as well as download the solution HERE.
Items that come in handy include:
- most common filters just a click away
- color highlights/separation of line items
- improved readability for formatted XML
- Overall pretty snappy even when opening a large number a trace files.
Definitely a “+” and highly recommended.
Get it from CodePlex at http://crmtracereader.codeplex.com/
Enjoy!
thatcrm.com 
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