ST Link Utility includes Serial Wire Viewer, which is what you are looking for
Yes, SWO can be used just for Nucleo boards. But all ARM Cortex M chips have SWO, The LPC flavored mbed can probably also use SWO after a firmware update to the magic mbed interface (maybe). The Freedom board cannot because they didn't connect the SWO pin to anything.
If you have a USB serial adapter, you can also use it as a SWO viewer, SWO is actually very similar to UART except using a much faster speed, for example, with JLink, I can push it to 6MHz, which most USB serial adapters do not support. The speed is incredibly important in timing critical debugging.
The new Nucleo boards have a full ST-Link V2, which have the SWO connected. Why not use SWO for printf instead of UART?
SWO is automatically FIFO'ed, it's faster than most UART adapters, it's available on all the other ARM Cortex M microcontrollers, why not?
Granted, it is only TX and not RX but most people just use printf for tracing anyways. The UART can be used for communication with other devices such as XBee/GSM/Bluetooth/WiFi
I can write a library for this myself (I use SWO all the time on my own standalone projects) but it'll be great if it was default.