I have the same problem after updating to NT 7 (7.07) and StringTheory 1.77. The problem appears to be limited the p_web._Trace, since dll and object messages appear in Debugview . I have tried different options in the Log File tab of the NT Global Extension without getting any of the p_web._Trace messages to appear. The NT documentation doesn't cover the Log File tab so I have left it with just Add NetTalk => 1 define turned on. That define is showing in the Conditional Compile Symbols.
I suspect its a bug in StringTheory, but if anyone has another solution it would be greatly appreciated.
Many thanks.