This question was posted in response to the following article: http://help.adobe.com/en_US/flex/using/WS2db454920e96a9e51e63e3d11c0bf69084-7a92.html
Why does -omit-trace-statements=true not actually omit trace statements? I have exported a release build but they are still present.
Hmmm, looks like maybe I answered my own question. I also had to put the following compiler option in and then traces were disabled: