For comparison, here's the 2 floor plans.
Here's the differences I see:
Toilet: Tracer wins. The toilet is at an angle, Bullet is straight. Tracer will give more leg room for men to "spread"!
Television: Bullet wins. I'm not sure where the television is located in the Tracer, but in the Bullet it's at the foot of the bed. Actually, neither "really" win on the television. In the Bullet, if your seated at the dinette, one side faces the television, the other has their back to it. At the sofa, any spot, and your crooking your neck 90 degrees. That's painful! Not sure where it's located in the Tracer, but it's definitively not convenient for the bed, even if you mounted one yourself on the wall.
Slide Out: Bullet wins. Reason? The dinette and couch are in the slide out. You get 3 window on the side of the slide out. On the Tracer, the kitchen is in the slide out and a couch. Looks like you get only 1 window.
Kitchen sink: Bullet wins. The kitchen is in an L shape, the sink is in the middle, makes it convenient to reach on both sides of the sink. Also, because of this arrangement, there's more storage.
Slides "in": Tracer wins. When the slides are "in", the floor plan looks like it's easier to move around and things are pretty accessible. In the Bullet, although the kitchen island is nice, it restricts maneuverability, and wedging between sofa, dinette and sink may be tight, especially if 2 or more people are in the camper at the same time.
Stats: Tracer dry weight (shipping weight) is less. Bullet has a higher carrying capacity. Bullet, hitch weight is less. The Bullet is 1 foot 9 inches longer than the Tracer. Fresh water capacity, Bullet is bigger. Black water, they are both the same. Grey water, Tracer is 2x the size as the Bullet. Tires are identical. Bullet is 4 inches taller than the Tracer.
When all is said and done, if I had ONLY these 2 options, I'd take the Bullet. Both trailers appear to be similar construction, looks, and quality. Either one would be good.
Bullet 272BHS:
Tracer 250AIR: