I'm using this software for a few months now. It doesn't even come close to CorelDraw/Illustrator but it's improving really fast. At the current stage it has all main features of a vector-based drawing tool; node editing, paths, full text support (kerning etc), text on path, transform tools. I recomment it.
EDIT: It can also trace bitmap images (which means convert them to vector ones, mainly for black & white images but there is basic support for color in the cvs)