Avinash Kaushik has created a "Nine-Point Checklist of Analytics Awesomeness" to help you find out “are you an Emperor or a Newbie?” You'll need to have mastered all 9 of the below to call yourself Emperor. If you're doing less than 3, you're still a Newbie.
9. Get external context to your performance
8. Internal site search baby! Rock it!
7. Search, organic, get good at it
6. Landing pages, landing pages, landing pages
5. Goal, goals, goals (& goal values)
4. Enable deep e-commerce tracking and analysis
3. Your only true analytics BFF: bounce rate
2. Powerfully leverage custom reports
1. Give me segmentation or give me death!