See IRC. Initial probing didn't give me much to go on.
The --trace-memory flag is no longer very reasonable to pass to the daemons manually, so the next reasonable step would be to surface it from phd or possibly imply it for phd debug.
While I'm in there, I'd kind of like to get rid of the verbose flag and just have the daemons emit log messages into the service profiler so that "--trace" activates logging.