I just came across a simple yet useful post on the Google AdWords blog about Google Analytics.
If you’ve installed Google Analytics and you don’t know what to do next, their post should help. Basically, just look at the major metrics and watch them over time.
The main thing to keep in mind is that there is no “good bounce rate” or optimal time on site for everyone. Each site, and even each section within a site will have different values. The key is to look at trends over time.
Also take a look at our Intro to Google Analytics post for a new video.