I haven't used analytic workspaces, so cannot speak to them.
However, materialized views can be very useful. They are essentially cached view results that you can do things such as build indexes on. Depending on how they're configured (with or without logs), they can become stale compared to "live" data, but are significantly faster (depending on your data and queries).
If you're dealing with remote data (database links), materialized views let you cache the data locally. If you're doing slow calculations on data, materialized views can let you cache the results (which may be stale).
Materialized views can be very handy, they just need to be implemented wisely.