SWV is a single-wire trace port that allows you to stream info off-chip without interrupting the prcessor. You can use it in a simple "printf" mode or set it up to do PC sampling, variable watches or notify you of events like interrupts. It's a really cool chip feature that, unfortunately, we do not have support for in PSoC Creator or MiniProg3 at this time. We're hoping to address that soon but I do not have a timeline for you yet.
The trace feature is the ARM embedded trace macrocell (ETM) which supports instruction tracing through 4 extra pins. While you get more information out of that interface it does cost you those pins, which is often a tricky proposition in our space. The support story is similar on the software side.
Hope this helps. Sorry I cannot tell you all about the software feature today.
OK, I will keep an eye out for that in the future. :)
Thanks for the info.