100% agree. Live trace is needed for brand designers. I use this feature often in Illustrator when I am trying out new fonts BEFORE I buy them. It gives me enough knowledge to know whether a font will work for my intended purpose. It's not as crisp however it still allows me to work out branding problems before refining the final version for the client. This is a huge Illustrator benefit. I'm honestly shocked it wasn't included in V1 let alone we're still waiting with it not in V2.
One of the only reasons I have not gone completely to Affinity and keep an old copy of Illustrator CS6 is because of the image trace function. Converting of bitmap/raster images to vector artwork is a mainstay for logo designers. Having to manually do this in Designer is a real drag.