This week Hugo Tait sent me an excellent question about how to expand a tracing object.
It took a little experimentation, but I came up with the following script, and thought I'd share it with all of you here. This will take the current selected Raster object (embedded not placed) and convert it into 4 color geometry.
var doc = activeDocument;
var obj = doc.selection;
var r = obj.trace();
var options = r.tracing.tracingOptions;
options.tracingMode = TracingModeType.TRACINGMODECOLOR;