Website Analysis is really all about listening to the customer and determining what the best course of action is to achieve your goals. Of course, "analysis" is a completely subjective term, but there are a few basic concepts that apply across the board.

Traffic Analysis

Briefly, traffic analysis is the process of determining where your traffic is coming from, what they do when they get to your site and finding ways to increase that. You've heard the term "there's no such thing as bad press", and while that is arguably true, the same thing applies to website traffic. However, while traffic is always a good thing, we want to bring traffic to your site that is meaningful; people who want your products and/or services. That's what Traffic Analysis is all about.

Competitive Analysis

Everyone wants to be at the top of the search engines. Sometimes the best thing to do is to find the guy ahead of you and follow them but try to do what they do better. That's a pretty simple way to look at things, and conceptually it works well. But this theory breaks down when the guy ahead of you makes a bone-headed mistake and gets themselves buried on the search engine, or worse yet, gets blacklisted. So careful competitive analysis and avoiding "knee-jerk" reactions will go a long way toward getting you higher in the search engines and keeping you there through the changes as they happen. It's a safe bet that Google and the others will change their plans fairly frequently.

Solid, well planned SEO efforts that adhere to basic principles will, in the end, serve you well.  Avoid the glamour that you see everywhere of "getting you to the top of the search engines in 24 hours". While you may be willing to shell out $84.95 for that special hush-hush program, in the end it can cost you a lot of new customers and cause a lot of grief.