John,

I think the issue is that, if you started with the Standard Template, the TextData column is NOT selected for the RPC:Completed event. If you go in and modify the properties of the trace and check the TextData column under the RPC:Completed event I believe you will see something like this in the TextData column:

declare @p1 int

set @p1=1

exec sp_prepexec @p1 output,N'@contact_id int',N'Select Count(*) as persons from Person.Contact Where contactid = @contact_id',@contact_id=541

select @p1

This is from a quickie .NET application where I used Command.Prepare() and queried the AdventureWorks DB.