Right now (v2007 for sure and I assume v2009), S&T saves GPS trace data "behind the curtain." That is, this second-by-second locating information becomes part of the *.est file but it is not discretely accessible. It is not handled like custom pushpins, for instance, that can be viewed and managed from the Legend and Overview panel. If you want to take out the trace information, you have to go into the route and delete it segment by segment. You might want to do this if you wanted to make the *.est file smaller or if you wanted to de-personalise an intinerary.
I would like to see the trace segments listed under a heading such as "GPS Traces" in the (otherwise under-utilised) Legend and Overview panel. Then, if you click on a particular trace, it would open up a new box showing whatever detail information is available, giving the user various powers, such as renaming, saving to a file, or deleting.