Does the Binary Data column shown in SQL Profiler contain useful information?
I know the BinaryData column is useful for a few event classes.  However, if the event class describes the column as "Binary value dependent on the event class captured in the trace" I haven't found it to be particularly useful.  I'm not aware of any meaningful use for the RPC:Starting and RPC:Completed events and I wasn't able to find any.  

There are a few event classes where they column is useful though.  For example,  the degree of parallelism event class uses the BinaryData column to show how a plan is being executed (http://technet.microsoft.com/en-us/library/ms187943(v=sql.105).aspx).

The CursorImplicitConversion class uses it to tell you the resulting cursor type (http://technet.microsoft.com/en-us/library/ms180764(v=sql.105).aspx).

The ShowPlan event classes use the BinaryData column to store the XML data.  There are a few others but on the whole it's not very useful.