What does 'exclude rows that do not contain values' checkbox do in SQL Profiler?
It's basically this

WHERE .. AND TheValue NOT NULL


Like/Not like filters only works on values that exist for that event.
No value is always true and passes the filter: this checkbox removes that

For example:


You want to see SQL:BatchStarting events
You filter on Duration


Duration is not valid for SQL:BatchStarting, so the filter is ignored