This is how the error message looks now:
123 Msg 2628, Level 16, State 6, Procedure ProcedureName, Line LinenumberString or binary data would be truncated in table ‘%.*ls’, column ‘%.*ls’.Truncated value: ‘%.*ls’.
Notice how the table, column and value are all mentioned in the error message now, which makes debugging and troubleshooting much easier. Thank you Microsoft!
There is a trace flag involved, so check it out.