The difference between old days of APM vs. tracing as I understand is two things.
1. Originally APM was single process and it was language aware, usually do sampling stacktrace to find where times are being taken and some very well know place to instrument for exact timing say response time or query time.
Tracers are more working by instrumenting methods of framework/servers/runtime at well known point and getting the timing. In man ways it's a lot more coarse as it might know of a hot loop that I have in my code. But it can trace very well with exact timing at framework boundary like web, cache, db etc.
2. The APM were primarily single process and couldn't really show a different service/process which doesn't work in a micro-service/distributed world.
The way I understand it is that Tracers would allow me to narrow down to the service/component very easily. Whether I can find out why that component is slow might not be as easy (not sure what granularity tracing happens inside a component).
I wonder if this understanding of mine is correct.
The second thing I am really unsure about is sampling and overhead. What's the usual overhead of a single tracing (I know it's variable) but generally are they more expensive at a single request level. Also do they usually sample and is there a good/recommend way to sample this. I forgot exactly who but (probably NewRelic) was saying they collect all traces (like every request?) and discard if they are not anomalous (to save on storage). But does that mean taking a trace is very cheap? And is that end of the request sampling decision something that's common or that's a totally unique capability some have.