Web Analytics data collection is actually driven by the Usage and Health service, and then it mines the data to help administrators improve their Sites and Search.
To collect data the Usage and Health Service, aggregates the info thru Usage definitions which you can see in Central Admin.
Using the Web Analytics Service these results are aggregated into reports at these levels
By Default we have the following reports
You can manipulate the Usage Definitions using the PowerShell commands
Thoughts and Suggestions
Capacity requirements for the Web Analytics Shared Service in SharePoint Server 2010
Reporting and usage analysis overview (SharePoint Server 2010)
Web Analytics in SharePoint 2010: Insights into Reports and Metrics
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