Simply put, this is the most comfortable pack I've ever owned. It fits great, allows for maneuvering around boulders and trees, and ventilates well.
I really like the new storage pockets on the outside. I tend to use the long skinny one down the middle for my rain gear.
The new kevlar strings for compression straps have their pros and cons. The downfall is that one of the ends popped off. I could see how this would bug me. I just don't like anything falling off my pack. Not a biggy though, you can just tie off the end and move on.
There are definitely a few features which I miss having on a pack, that the Trace does not. Sleeping pad straps at the bottom, waste belt pockets, and mid-section access. Without these equals reduced weight, of course, but we all have to decide what are needs/wants are when choosing the right pack.