When Google originally announced the features for the most recent refresh of Google Analytics we were excited. But not that they have finished rolling most of them out, to everyone's analytics accounts, it is pretty awesome. For a free product Google Analytics now is pretty feature rich. Of all the new Google Analytics features we feel the there are 3 the really stand out.
1. Custom Variables Finally! Custom variables in Google Analytics will now allow you to set up to five variables per page. This is a vast improvement over the old _setVar. You can set three types: visitor, session or page. The flexibility this will allow is amazing. This feature is even more compelling when you consider that you can now also use custom variables in advanced segments.
2. Annotations This is very helpful. Add notes to data that will allow you to keep better track of external marketing's effect on traffic.
3. Expanded Goals Functionality Let's me honest, four goals was never enough. Not a problem anymore! You now have 20 goal that are segmented into Goal groups for 5 each. This is great for grouping conversion actions. In addition to an expanded number of goals you can also track site engagement through goals.
Head over to Google Code to get all the documentation on these new features.