Avinash Kaushik's (the author of Web Analytics - an hour a day) plea, (re-)definition and outline of Web Analytics 2.0 for the Autor@Google series.
Avinash defines web analytics as:
(1) the analysis of qualitative and quantitative data from your website and the competition,
(2) to drive a continual improvement of the online experience that your customers, and potential customers have,
(3) which translates into your desired outcomes.
and illustrates the changing Mindset like this
via Jeremiah Owyang