MTR is a great tool that will do kind of a traceroute to a remote IP. The difference is that it will show you the individual latency between each hop. This can help troubleshoot where in the network between two points that a problem is occurring. I have used this many times to tell my ISP that they have an upstream problem.
In the following output you can see an issue between Level3 and Vitelity.
My traceroute [v0.72]
trixbox1.localdomain (0.0.0.0) Thu Sep 24 15:43:04 2009
Resolver: Received error response 2. (server failure)er of fields quit
Packets Pings
Host Loss% Snt Last Avg Best Wrst StDev
1. 10.246.224.1 0.0% 12 9.8 10.6 6.6 21.9 4.5
2. 76.166.2.140 0.0% 12 10.7 8.7 6.7 11.1 1.5
3. tge9-1.csmsca1-rtr1.socal.rr.com 0.0% 12 8.8 9.4 6.7 16.4 2.7
4. tge1-2.cyprca1-rtr4.socal.rr.com 0.0% 11 10.6 10.0 7.6 20.1 3.4
5. tge3-3-0.tustca1-rtr1.socal.rr.c 0.0% 11 15.3 15.3 13.1 24.1 3.0
6. te-1-3.car1.Tustin1.Level3.net 0.0% 11 14.9 14.6 13.3 15.9 0.9
te-4-1.car1.Tustin1.Level3.net
te-1-4.car1.Tustin1.Level3.net
7. ae-2-3.bar1.Tustin1.Level3.net 0.0% 11 11.9 15.7 11.9 34.5 6.5
8. ae-0-11.bar2.Tustin1.Level3.net 0.0% 11 12.0 16.6 12.0 41.4 8.3
9. ae-10-10.ebr1.Dallas1.Level3.net 0.0% 11 51.7 52.7 44.3 61.4 5.8
10. ae-72-78.ebr2.Dallas1.Level3.net 0.0% 11 53.8 50.6 44.0 61.0 5.3
11. ae-2.ebr1.Denver1.Level3.net 0.0% 11 52.2 58.0 52.2 66.8 5.6
12. ae-11-53.car1.Denver1.Level3.net 27.3% 11 53.6 129.7 52.5 261.9 91.2
13. BRDR3.Level3-gige.dnvr.vitel.net 0.0% 11 58.5 57.9 53.0 75.6 7.3
14. ???
15. 64.2.142.28 0.0% 11 58.5 56.5 52.2 65.3 4.4