Google Analytics (GA) is a free service that does a great job at high level analytics such as traffic sources, visitor counts and statistics on your content. However the event-based tracking is not as sophisticated as Mixpanel or Kissmetrics, so GA is usually used in conjunction with one of those services as well.
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Pro Allows custom dashboards
Depending on the most important information to the user, the dashboard can be customized in order to put emphasis on certain metrics. This feature allows Google Analytics to satisfy users from a broad range of industries.
Pro Free for most use cases
Google Analytics is free unless you need their premium service, which is $150,000 per year. However, it's only necessary for massively large enterprise size data sets.
Pro Mobile web and Mobile app tracking possible
Pro Intelligent Alerts
You can configure to be notified if certain things happen.
Pro Constantly releasing new features
Released more than once a week in 2014.
Pro Well documented
Pro Highly customizable
Pro Google Play analytics
Because it's a Google product, Google Analytics can tell you how users discovered your app through Google Play.
Pro Awesome API
The API itself, tools, documentation, and abilities of the API are very powerful.
Pro Provides free training
Google provides free services that train users in each aspect of Google Analytics, especially when used in conjunction with AdWords.
Pro Integrates with AdMob
Since Google owns AdMob, they can provide deep integration, and allow you to respond to data with marketing campaigns.
Pro Import data
Google Analytics allows users to update user information from other sources.
Con Heavy users get sampled reporting
If you send a lot of data Google starts sampling the data it uses for your reports.
Con Can't handle authenticated users
Con User-based analytics is lacking
Google Analytics tracks visitor actions, their user action tracking is still very basic. It has started supporting user ID, but in a very basic way.