I’ve always worked to make ClearTrace perform well. That’s probably because I spend so much time watching it work. I’m often going through two or three gigabytes of trace files but I rarely get the chance to run it on a really large set of files. One of my clients wanted to run a full trace for a week and then analyze the results. At the end of that week we had 847 200MB trace files for a total of nearly 170GB. I regularly use 200MB trace files when I monitor production systems. I usually get around 300,000...
I have a beta version of ClearTrace that supports 2012. You can download it at http://www.scalesql.com/cleartrace/ClearTrace.2012.40.beta.zip. Please let me know if you find any issues.