Thanks.. you have single-handedly restored my faith in humanity... :-)
I bashed this about a bit more and can add the following:
When trying to isolate individual queries (as I was trying to do), it is useful in the Events Selection tab, under Trace Properties, to deselect everything to just leave SQL:BatchStarting (under TSQL) and RPC:Completed (under Stored Procedures, if you are running a mix of inline queries and stored procs)
The make sure the textData checkbox is checked against each of these selections - I missed that on one of mine, and so it wont filter at all which made me think it was my filter syntax that wasn't working...
Then the following syntax will work in the Column Filters section (select textData and then click on the Like option - or Not Like)
Both those work, don't put any quotes round the entire expression, and doesn't seem to be case sensitive (SQL 2005 Profiler)
%update table_get_stuff% %id = 35%
This will act, effectively, like an AND condition but needs exact syntax between the %%, else as Jack says %id%%=%%35% will take care of spaces
Hitting 'enter' after entering a condition above creates a new empty 'Like' box. Ignore it if you dont need it, otherwise enter another condition string and it will act as an OR condition.
Finally, I found filtering a bit 'flakey' - in that occasionally it stopped delivering some results and I needed to delete the conditions and re-enter them again to kick it back into life, though that didn't happen enough to be fully sure what was happening.