I passed the Google Analytics IQ Certification exam yesterday. My certificate looks like this…
If you study the materials they supply you should pass the exam although it was a little more difficult than I expected. Just using the product casually will probably not do it for you. My test included a number of questions on Regex and Adwords, so knowing the finer points of those would definately be important.
The Google Analytics software offers quite a bit of functionality for a free package. Of course, you really need to understand SEO and how to optomize sites, pages, keywords, flow, and conversion for it to really be useful.
That said, quite a bit of functionality. If you need help you can reach us here.