The utility lets you chart out traffic for any site and even break down visits by geographic region. You can also compare multiple sites on one line graph. Perhaps one of the handiest features for developers, though, is the ability to see additional sites visited and queries searched by people who viewed the page in question.
For example, if you do a data analysis of The Inquisitr, you'll see that people who come here also go to exactcenteroftheinternet.com -- curious -- as well as to flickabooger.com. Huh...okay.
In a slightly more understandable result, you can see that people accessing this site also searched for "twitter."
An interesting new tool from Google, no doubt. Now, though, time to go see what this flickabooger.com is all about...