Requirements: SVN build from Oct 31 or newer.
Usage: Import an Image (or drag it into Inkscape), then Effects->Images->Trace Setup
Effects:
-puts the image into a separate (optionally locked) layer called "reference"
-the image is positioned at 0/0
-any transformations are removed
-the document's width/height is set to image's width/height
-a working layer (layer 1) is placed on top (maybe that one should be optional?)
-the working layer is automatically selected (semi broken... it looks like it only works if the image is selected)
-zoom is set to 100% (doesn't work at all

Install:
Windows: extract into <inkscape>share/extensions
Linux: extract into /usr/share/inkscape/extensions
Mac: dunno... should be similar
C+C/suggestions etc are welcome.