Google has recently announced it's new Analytics service. I've just added the tracker to this site so we'll see what the data looks like in a few hours. From all the screen shots it looks pretty nice, will post an update when I see what it thinks to my small site traffic...
Rather than being a 20% time project, this appears to be the result of Google buying Web Analytics firm Urchin back in March. Looks like they've done a Keyhole and are now giving away the basic service for free. In this case to massively bolster Google's AdSense scheme.
UPDATE: As of 20:09 on the 15th November (24 hours after adding the tracking code), still not got any reports to look at in Google Analytics. I guess that a lot of people signed up for the service yesterday...