statcounter is a lot more accurate and free too. statcounter counts readers who don't have java and that turns out to be a lot. for instance, on my blog the other day, sitemeter said i had 190 some odd visitors, while statcounter said 240 some. I thought that was a crazy discrepancy so I counted unique visits (not page views) and sure enough, statcounter was the accurate one.
sitemeter for sure can just tell you how many visitors you have from the time you paste the html code in. It will let you know their location, referring page and out-clicks which is helpful if you are promoting various places and want to see what is working.
I don't have any experience with statcounter but it sounds pretty cool and I may add that to my blog (when I actually update it, that is )