This means you can check on whether data from sites are being collected by Google Analytics servers correctly, whether users can view the reports correctly when they sign in to their accounts, and whether the APIs are working properly.
The dashboard is not unlike the Google Apps Dashboard.
"The Google Analytics Status Dashboard represents an additional layer of transparency that we believe will benefit all Google Analytics users, from Fortune 500 companies to personal websites," says Yi Wang of the Google Analytics product team. "The Status Dashboard is the best place to check for service availability of Google Analytics anywhere in the world."
Users can get updates via RSS if they choose.