Yea its a good tool Mike, it doesnt actually tell you who looks at your website though, if you log into your control panel provided by your web host, most will give you the same sort of thing as mentioned, plus the ip address's of visitors or domain names, although that said mine doesnt give time spent on a page etc.
Google analytics is a good free tool to see if adwords is working for any sites you control. Or it is interesting if you dont have access to your control panel. Like you say you can see how many of our friends in america or australia have looked and when.