It is, indeed, very sad that there is no way to monitor the traces remotely. 
I don’t think it’s completely useless - but could be more useful.
Unquestionably, the poor documentaion severely limits what usefulness it has.
(and it’s even worse now that M2MStudio has removed what little documentation there was!)
See also: Exception documentation is still poor! - #7 by awneil
forum.sierrawireless.com/viewtop … =47&t=1135
This is what I managed to work out regarding analysing backtrace files (note that it’s pre-M2MStudio):
antronics.co.uk/downloads/OA … _Files.pdf
Note that the backtrace is effectively a stack dump - it shows you where stuff happened, but not what happened.