hurray... the problem seems to be fixed (it was actually a google-side bug which their engineers seem to be working upon - according to the mail they sent me) . Analytics is successfully installed and reports will be generated within a few hours... The two most useful features according to me (apart from the detailed reports of course) are 1) that you can assign multiple sites to be tracked by a single account , and 2) You can authorize other users to view the traffic reports generated for your sites! Quite helpful in a multi-admin environ.

Cheers