very good article on trigger bypass, indeed. One thing that I wanted to mention - comes from a bitter personal experience with CONTEXT_INFO. As you're aware, it is an extra information associated with the connection and I wrongly assumed that once connection is closed, the value is reset, i.e. new connections will get 0 value by default. It turns out that connection pooling mechanism does not actually close the connection when returning it to the pool and CONTEST_INFO does not get reset at all. In other words, if connection pooling is enabled and working (as it should :-), you will most likely inherit CONTEXT_INFO from some previous connection without realising it.
The solution, obviously, to be very diligent in cleaning up CONTEXT_INFO after you've done.