A few ir.spec tweaks to be more up to date

Summary: It still talked about Traces, and said we can't handle loops, and some
other small things.

Reviewed By: @edwinsmith

Differential Revision: D1686957

Signature: t1:1686957:1416326785:84b6143a9580d82fefbbf97e557d32a1a5e8baff