Be aware!
We discovered that all rules in the trap viewer were blocked if the rule (or a previous one) had a wildcard in the OID section of the trap rule.
All traps were logged in the Database but no actions were executed (Trap forward, emails, log to file, color etc...)
After 2 days of troubleshooting and waiting ( ) , we discovered (almost by accident) that it was the source of our issue. By simply removing the wildcard condition in the OID tab of all of our rules fixed it (at least for now).
Our lab, which is running 12.0 (not RC) does not have this issue, but our 12.0.1 prod setup does.
Waiting from an update from dev, but at least somebody might be having the problem now and is in need of this fix.