Microsoft's free web analytics service, Project Gatineau, is available for beta testing. The invitations are now being sent to customers, though this beta is available to US customers only & currently it is invitation based.
Features include:
1. Click and visitor tracking reports
2. Marketing campaign reporting and conversion tracking
3. Unique demographic and geographic information from your site visitors
With the Gatineau beta, you can learn more about where your visitors come from and easily measure your marketing campaigns across any medium and from any traffic source. Many new features will be added based on the response of beta testing.
Source