Essentially this is like Google Alerts which scan the web for what you want to be alerted about, but is confined to your Analytics account.  So when something to which you have assigned an alert to happens google sends you a message.

The Alerts cover all things from if someone visits to your site as the result of a keyword search to other metrics associated with your ads, conversions and other information.   Frankly it is a bit amazing the various things you can associate with an email alert to you.

While it is still in beta, I would suggest that you set up various things that you want to keep track of, like where your getting traffic from, or when a keyword search results in a hit to your site, time on site for visitors is met or declining.. all kinds of alerts can be set up.

As always I am a firm believer in using Google Tools, especially new ones, as it shows your watching the net, your part of the “community” your an “active participant”, your on the “Cutting Edge” … your out there.

Sparky