I have come across a bug with the Usage analysis processing to do with UTC date conversion which resulted in the processed numbers being erroneous. This is apparently fixed in SP2, but we have not been able to implement this quite yet.
The alternative is a bit onerous as you need to copy the usage logs from each front end server to a location and configure the log parser to store the information in a data base.
Serge van den Oever steps through this quite well here.
I don't really recommend this as a regular process as it takes a lot of effort, but it does give you a huge amount of information for when you wish to take a detailed look at usage on a particular point of your SharePoint farm.
Ideally we would have a solution to parse the logs automagically using the log parser utility and provide that information in SSRS reports.