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It is a waste because what Google Analytics shows you is often not real:

The web's traffic is over 60% Bots

Many Bots often come from foreign countries which would be easily detected by any analytics system HOWEVER, when bots come from a foreign country and run through a proxy or anonymizer Google Analytics shows you the source of the last "pop".  So, by not showing you where the traffic originated from, GA is doing you a HUGE disservice because you believe the traffic is local when in fact it is coming from a foreign country. 

Here are a few other reasons:

• No IP data (How anyone can live with out this is beyond me)
• No Cookie IDs (Although many people have "3rd parties" capturing all their data including cookie ID/IP and don't know about it)
• No path through site after 3 pages deep
• No Siloing option
• No device fingerprinting

I can name 50 more things that make GA a HURT rather then a help but that was not the focus of your original post.

Tweaks or no tweaks GA is not sufficient for anyone who wants to really know about their traffic.