1. A computer program product comprising one or more computer-readable storage media having stored thereon computer-executable instructions that, when executed by one or more processors of a computing system cause the computing system to perform a method for conditionally logging trace events, the method comprising: in response to a receiving a processing request at the computing system, an act of accessing configuration data, wherein the configuration data specifies one or more characteristics of trace events and one or more log conditions under which the trace events are to be persisted to a log, wherein the one or more log conditions include at least one log condition trigging persisting of trace events to a log only when at least two processors are involved in processing the request; in response to receiving the processing request, an act of identifying trace events associated with the processing request that correspond to the trace events specified in the configuration data; an act of determining that the characteristics of the trace events in the configuration data are met and, in response, raising trace events, the trace events being raised consisting of those identified as being associated with the processing request and corresponding to the trace events specified in the configuration data; an act of buffering all raised trace events identified as being associated with the processing request and corresponding to the trace events specified in the configuration data; an act of determining if the one or more log conditions are satisfied; in response to the one or more log conditions being satisfied, an act of logging to the log at least some of a plurality of the buffered raised trace events that were generated in the course of processing the request; and in response to the one or more log conditions not being satisfied, an act of discarding at least some of the plurality of trace events that were generated in the course of processing the request.