It tracks people as they interact with your web site in near real time. The results are displayed on a flash animation which comprises a drag and clickable site map with little spheres orbiting the pages. Each of these spheres represents a person visting your site and the bounce around each page very agreeably. You can even setup audio alerts to ping whenever someone visits certain pages.
EPiServer very bravely have a live demo running showing what's happening on their web site.
Not sure of the commercial value of seeing this info live, Google Analytics is probably better for overall trend analysis.
Still it looked fantastic on the 40" flat screen TV we've got in the office.