Ok, it's no secret that the tools in SQL Server 2005 have a few gaps. For example, if you're used to the utility Read80Trace.exe in SQL Server 2000, you don't have a correlating utility to rely on in SQL Server 2005. So what's a body to do?
As MVP Martin Bell pointed out, you could work harder (a LOT harder) by importing the SQL2K5 trace data into a table, exporting the table to SQL2K, saving the trace in SQL Profiler and then using Read80Trace to read the file. Martin gets points in my book, because my pea brain couldn't even envision that solution.
On the other hand, you could spend a little time getting to know the new utility written by Bill Graziano and posted at http://weblogs.sqlteam.com/billg/archive/2006/03/05/9181.aspx. His utility writes out an XML file that Read80Trace HTML files can use. Basically, it replaces analysis.xml in the output directory. You might want to dig around on his website (http://www.sqlteam.com) because Bill mentioned to me that he was going to post a new version soon.
Another alternative comes to us from Australian MVP Greg Linwood and is available at http://www.gajsoftware.com. Greg's utility has a nice, slick UI as well, btw, and so can enable you to get more down. However, it's is also a for-fee product whereas Bill's utility is free.
So let me know how you handle your trace reading task. What's making you more productive?