some things in life takes time to learn, also Google analytics. You won't regret the time, you spent reading and testing and understanding !
Analytics is alright, but I still don't think it tracks everything. Not all users have java enabled, some browsers don't handle it, and some people can totally block it completely. I do myself with a simple host file in windows. So it doesn't count me at all. I do think host tools in most hosting control panels such as awstats or webalizer do a better job. But compare the 2 give you even more stats or comparisons.
I agree with you but its also one of the Best ROI tools that you can find on the internet for free. I have implemented Google analytics on my website. It can really help you pinpoint your weakness and strength.
The best way to learn the Google Analytics is to be a participant and discuss in the Google's community and while you will be having your analytics account, you will discover many new things. Yes you will need a Gmail account to create the Google analytics account. Here is the link www.google.com/analytics/