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MapInfo is a nice product but is more of an analytical tool for businesses as compared to a geographic one. It does read in the projection information from a dataset but does NOT have the ability to reproject a dataset. This makes it useless for tracing unless you happen to get lucky and have aerial photo data that just happens to have the same projection as the vector overalay.
Many of these types of programs use CAD data and/or a dataset derived from the Census Bureau Tiger maps. The Tiger maps are unprojected data so you need a program like MapPublisher to reproject them to match the aerial data. AND, you need a program to take the distortions out of aerial photos unless you purchased rectified images to begin with.