I've been playing around with measuring the cyclomatic complexity of a big code base.
Cyclomatic complexity is the number of linearly independent paths through a program's source code and there are lots of free tools for your language of choice.
The results are interesting but not surprising. That is, the parts I know to be the hairiest were in fact the most complex (with a rating of > 50). But what I am finding useful is that a concrete "badness" number is assigned to each method as something I can point to when deciding where to start refactoring.
Do you use cyclomatic complexity? What's the most complex bit of code you found?