diff --git a/RELEASES.md b/RELEASES.md
index 031f32fbcea0..dbd00a6b7115 100644
--- a/RELEASES.md
+++ b/RELEASES.md
@@ -29,6 +29,12 @@ Unreleased.
 
 ### Changed
 
+* The host bindgen macro now accepts a new `verbose_tracing` option, which will
+  trace the value of `list` arguments. The new behavior of the `tracing` option
+  is that it does not print `list` values without `verbose_tracing` also being
+  present.
+  [#9262](https://github.com/bytecodealliance/wasmtime/pull/9262)
+
 * Wasmtime's support for WASI is now listed with the 0.2.1 version instead of
   0.2.0. This is expected to not cause fallout or breakage, but please open an
   issue if you see any problems.
diff --git a/crates/component-macro/src/bindgen.rs b/crates/component-macro/src/bindgen.rs
index 9b0a6a1d90ad..f17184dd8941 100644
--- a/crates/component-macro/src/bindgen.rs
+++ b/crates/component-macro/src/bindgen.rs
@@ -110,6 +110,7 @@ impl Parse for Config {
                         inline = Some(s.value());
                     }
                     Opt::Tracing(val) => opts.tracing = val,
+                    Opt::VerboseTracing(val) => opts.verbose_tracing = val,
                     Opt::Async(val, span) => {
                         if async_configured {
                             return Err(Error::new(span, "cannot specify second async config"));
@@ -232,6 +233,7 @@ mod kw {
     syn::custom_keyword!(inline);
     syn::custom_keyword!(path);
     syn::custom_keyword!(tracing);
+    syn::custom_keyword!(verbose_tracing);
     syn::custom_keyword!(trappable_error_type);
     syn::custom_keyword!(world);
     syn::custom_keyword!(ownership);
@@ -254,6 +256,7 @@ enum Opt {
     Path(syn::LitStr),
     Inline(syn::LitStr),
     Tracing(bool),
+    VerboseTracing(bool),
     Async(AsyncConfig, Span),
     TrappableErrorType(Vec<TrappableError>),
     Ownership(Ownership),
@@ -288,6 +291,10 @@ impl Parse for Opt {
             input.parse::<kw::tracing>()?;
             input.parse::<Token![:]>()?;
             Ok(Opt::Tracing(input.parse::<syn::LitBool>()?.value))
+        } else if l.peek(kw::verbose_tracing) {
+            input.parse::<kw::verbose_tracing>()?;
+            input.parse::<Token![:]>()?;
+            Ok(Opt::VerboseTracing(input.parse::<syn::LitBool>()?.value))
         } else if l.peek(Token![async]) {
             let span = input.parse::<Token![async]>()?.span;
             input.parse::<Token![:]>()?;
diff --git a/crates/component-macro/tests/codegen.rs b/crates/component-macro/tests/codegen.rs
index c7f40829b0be..1d0f0211800d 100644
--- a/crates/component-macro/tests/codegen.rs
+++ b/crates/component-macro/tests/codegen.rs
@@ -16,6 +16,7 @@ macro_rules! gentest {
                 wasmtime::component::bindgen!({
                     path: $path,
                     tracing: true,
+                    verbose_tracing: true,
                     ownership: Borrowing {
                         duplicate_if_necessary: true
                     }
diff --git a/crates/component-macro/tests/expanded/lists_tracing_async.rs b/crates/component-macro/tests/expanded/lists_tracing_async.rs
index 4e69ec9d48bd..4f142b12eb1c 100644
--- a/crates/component-macro/tests/expanded/lists_tracing_async.rs
+++ b/crates/component-macro/tests/expanded/lists_tracing_async.rs
@@ -527,7 +527,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -556,7 +556,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -585,7 +585,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -614,7 +614,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -643,7 +643,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -672,7 +672,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -701,7 +701,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -730,7 +730,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -759,7 +759,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -788,7 +788,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -817,8 +817,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_u8_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -840,8 +840,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_u16_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -863,8 +863,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_u32_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -886,8 +886,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_u64_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -909,8 +909,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_s8_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -932,8 +932,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_s16_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -955,8 +955,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_s32_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -978,8 +978,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_s64_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1001,8 +1001,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_float32_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1024,8 +1024,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_float64_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1047,14 +1047,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::tuple_list(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1082,7 +1082,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, a = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, a = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -1111,8 +1111,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::string_list_ret(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1140,14 +1140,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::tuple_string_list(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1175,14 +1175,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::string_list(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1204,14 +1204,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::record_list(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1233,14 +1233,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::record_list_reverse(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1262,14 +1262,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::variant_list(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -1291,14 +1291,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, a = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, a = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::load_store_everything(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
diff --git a/crates/component-macro/tests/expanded/resources-import_tracing_async.rs b/crates/component-macro/tests/expanded/resources-import_tracing_async.rs
index 33d35ed86a2e..3a5f6ed8aea2 100644
--- a/crates/component-macro/tests/expanded/resources-import_tracing_async.rs
+++ b/crates/component-macro/tests/expanded/resources-import_tracing_async.rs
@@ -1045,7 +1045,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -1080,7 +1080,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, x = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, x = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -1109,8 +1109,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::list_result(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
diff --git a/crates/component-macro/tests/expanded/simple-lists_tracing_async.rs b/crates/component-macro/tests/expanded/simple-lists_tracing_async.rs
index 32cad358dded..69fd96ffeba3 100644
--- a/crates/component-macro/tests/expanded/simple-lists_tracing_async.rs
+++ b/crates/component-macro/tests/expanded/simple-lists_tracing_async.rs
@@ -255,7 +255,7 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, l = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, l = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
@@ -284,8 +284,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::simple_list2(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -313,14 +313,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, a = tracing::field::debug(& arg0), b
-                                    = tracing::field::debug(& arg1), "call"
+                                    tracing::Level::TRACE, a = tracing::field::debug("..."), b =
+                                    tracing::field::debug("..."), "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::simple_list3(host, arg0, arg1).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
@@ -348,14 +348,14 @@ pub mod foo {
                         wasmtime::component::__internal::Box::new(
                             async move {
                                 tracing::event!(
-                                    tracing::Level::TRACE, l = tracing::field::debug(& arg0),
+                                    tracing::Level::TRACE, l = tracing::field::debug("..."),
                                     "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::simple_list4(host, arg0).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
diff --git a/crates/component-macro/tests/expanded/variants_tracing_async.rs b/crates/component-macro/tests/expanded/variants_tracing_async.rs
index 94001b2536ca..792fd5815987 100644
--- a/crates/component-macro/tests/expanded/variants_tracing_async.rs
+++ b/crates/component-macro/tests/expanded/variants_tracing_async.rs
@@ -868,8 +868,8 @@ pub mod foo {
                                     tracing::Level::TRACE, a = tracing::field::debug(& arg0), b
                                     = tracing::field::debug(& arg1), c = tracing::field::debug(&
                                     arg2), d = tracing::field::debug(& arg3), e =
-                                    tracing::field::debug(& arg4), f = tracing::field::debug(&
-                                    arg5), "call"
+                                    tracing::field::debug(& arg4), f =
+                                    tracing::field::debug("..."), "call"
                                 );
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::result_arg(
@@ -906,8 +906,8 @@ pub mod foo {
                                 let host = &mut host_getter(caller.data_mut());
                                 let r = Host::result_result(host).await;
                                 tracing::event!(
-                                    tracing::Level::TRACE, result = tracing::field::debug(& r),
-                                    "return"
+                                    tracing::Level::TRACE, result =
+                                    tracing::field::debug("..."), "return"
                                 );
                                 Ok((r,))
                             }
diff --git a/crates/wasmtime/src/runtime/component/mod.rs b/crates/wasmtime/src/runtime/component/mod.rs
index 93f85932021b..eaf4307e35a8 100644
--- a/crates/wasmtime/src/runtime/component/mod.rs
+++ b/crates/wasmtime/src/runtime/component/mod.rs
@@ -241,11 +241,19 @@ pub(crate) use self::store::ComponentStoreData;
 ///     ",
 ///
 ///     // Add calls to `tracing::span!` before each import or export is called
-///     // to log arguments and return values.
+///     // to log most arguments and return values. By default values
+///     // containing lists are excluded; enable `verbose_tracing` to include
+///     // them.
 ///     //
 ///     // This option defaults to `false`.
 ///     tracing: true,
 ///
+///     // Include all arguments and return values in the tracing output,
+///     // including values containing lists, which may be very large.
+///     //
+///     // This option defaults to `false`.
+///     verbose_tracing: false,
+///
 ///     // Imports will be async functions through #[async_trait] and exports
 ///     // are also invoked as async functions. Requires `Config::async_support`
 ///     // to be `true`.
diff --git a/crates/wit-bindgen/src/lib.rs b/crates/wit-bindgen/src/lib.rs
index 338567ccdc94..8cd6d51439c5 100644
--- a/crates/wit-bindgen/src/lib.rs
+++ b/crates/wit-bindgen/src/lib.rs
@@ -125,6 +125,10 @@ pub struct Opts {
     /// Whether or not to emit `tracing` macro calls on function entry/exit.
     pub tracing: bool,
 
+    /// Whether or not `tracing` macro calls should included argument and
+    /// return values which contain dynamically-sized `list` values.
+    pub verbose_tracing: bool,
+
     /// Whether or not to use async rust functions and traits.
     pub async_: AsyncConfig,
 
@@ -2582,9 +2586,9 @@ impl<'a> InterfaceGenerator<'a> {
                 .params
                 .iter()
                 .enumerate()
-                .map(|(i, (name, _ty))| {
+                .map(|(i, (name, ty))| {
                     let name = to_rust_ident(&name);
-                    format!("{name} = tracing::field::debug(&arg{i})")
+                    formatting_for_arg(&name, i, *ty, &self.gen.opts, &self.resolve)
                 })
                 .collect::<Vec<String>>();
             event_fields.push(format!("\"call\""));
@@ -2629,7 +2633,8 @@ impl<'a> InterfaceGenerator<'a> {
         if self.gen.opts.tracing {
             uwrite!(
                 self.src,
-                "tracing::event!(tracing::Level::TRACE, result = tracing::field::debug(&r), \"return\");"
+                "tracing::event!(tracing::Level::TRACE, {}, \"return\");",
+                formatting_for_results(&func.results, &self.gen.opts, &self.resolve)
             );
         }
 
@@ -2955,6 +2960,89 @@ impl<'a> RustGenerator<'a> for InterfaceGenerator<'a> {
     }
 }
 
+/// Produce a string for tracing a function argument.
+fn formatting_for_arg(
+    name: &str,
+    index: usize,
+    ty: Type,
+    opts: &Opts,
+    resolve: &Resolve,
+) -> String {
+    if !opts.verbose_tracing && type_contains_lists(ty, resolve) {
+        return format!("{name} = tracing::field::debug(\"...\")");
+    }
+
+    // Normal tracing.
+    format!("{name} = tracing::field::debug(&arg{index})")
+}
+
+/// Produce a string for tracing function results.
+fn formatting_for_results(results: &Results, opts: &Opts, resolve: &Resolve) -> String {
+    let contains_lists = match results {
+        Results::Anon(ty) => type_contains_lists(*ty, resolve),
+        Results::Named(params) => params
+            .iter()
+            .any(|(_, ty)| type_contains_lists(*ty, resolve)),
+    };
+
+    if !opts.verbose_tracing && contains_lists {
+        return format!("result = tracing::field::debug(\"...\")");
+    }
+
+    // Normal tracing.
+    format!("result = tracing::field::debug(&r)")
+}
+
+/// Test whether the given type contains lists.
+///
+/// Here, a `string` is not considered a list.
+fn type_contains_lists(ty: Type, resolve: &Resolve) -> bool {
+    match ty {
+        Type::Id(id) => match &resolve.types[id].kind {
+            TypeDefKind::Resource
+            | TypeDefKind::Unknown
+            | TypeDefKind::Flags(_)
+            | TypeDefKind::Handle(_)
+            | TypeDefKind::Enum(_) => false,
+            TypeDefKind::Option(ty) => type_contains_lists(*ty, resolve),
+            TypeDefKind::Result(Result_ { ok, err }) => {
+                option_type_contains_lists(*ok, resolve)
+                    || option_type_contains_lists(*err, resolve)
+            }
+            TypeDefKind::Record(record) => record
+                .fields
+                .iter()
+                .any(|field| type_contains_lists(field.ty, resolve)),
+            TypeDefKind::Tuple(tuple) => tuple
+                .types
+                .iter()
+                .any(|ty| type_contains_lists(*ty, resolve)),
+            TypeDefKind::Variant(variant) => variant
+                .cases
+                .iter()
+                .any(|case| option_type_contains_lists(case.ty, resolve)),
+            TypeDefKind::Type(ty) => type_contains_lists(*ty, resolve),
+            TypeDefKind::Future(ty) => option_type_contains_lists(*ty, resolve),
+            TypeDefKind::Stream(Stream { element, end }) => {
+                option_type_contains_lists(*element, resolve)
+                    || option_type_contains_lists(*end, resolve)
+            }
+            TypeDefKind::List(_) => true,
+        },
+
+        // Technically strings are lists too, but we ignore that here because
+        // they're usually short.
+        _ => false,
+    }
+}
+
+fn option_type_contains_lists(ty: Option<Type>, resolve: &Resolve) -> bool {
+    match ty {
+        Some(ty) => type_contains_lists(ty, resolve),
+        None => false,
+    }
+}
+
 /// When an interface `use`s a type from another interface, it creates a new TypeId
 /// referring to the definition TypeId. Chase this chain of references down to
 /// a TypeId for type's definition.