First, where Profiler under SQL Server 7.0 used the Registry to store connection information and sample trace definitions, SQL Profiler on Server 2000 does not.

The problem also crops up when using other methods to audit connections to SQL Server 2000, including calling the sp_who or sp_who2 system stored procedures, selecting the log-in name column from ...

It will even trace Stored Procedure and Trigger code if your application uses it. But it also can be used to find out what the management tools are doing under the hood, like SQL Server Management ...