How can it be both advanced and simplified at the same time? Easy, look at the way Google does search. An input search box and two buttons. The same simplicity is being applied to Google Analytics. They’ve added an arsenal of premade filters with the ability to customize even further. The interface is straightforward and the results are stunning.
Now for the bad news, it is in private beta (a.k.a. invite only). If you want an invite Avinash has some suggestions.
Read more here: http://www.kaushik.net/avinash/2008/10/google-analytics-releases-advanced-segmentation.html#comments