The only thing I'm not crazy about is handing over data about a site's usage patterns to Google -- or any other external entity, for that matter. Analytics is quick and easy to set up and may be a good choice for users who are not familiar with applications that parse your web server logs or for personal web pages. In fact, I am using GA to get usage stats on this blog. But, I don't think I would use it for anything work-related.
Anyway, check it out. It's a pretty nice suite and very easy to set up.