Renzo and I met at the conference in San Francisco last week and spoke more about his use case. He showed me a fine demo live of what his cool hacks can do, and a clear demonstration of the "nesting" issue. Rather than responding point by point, I'll follow up momentarily on the API change I'm contemplating after our discussion.
For everybody doing tracing engines, it's a great test of engine interaction issues to try out some of Renzo's stuff and make sure your engines play nicely intermingled with his, and that they see good syscall details when parameter modifications are being done. Thanks, Roland