I had a friend ask me how to set up usage reporting in 2007 the other day.  As I had not done it yet myself I decided to set off and turn it on for BinaryWave.  Unfortunately it's not as easy as it should be.  And the 'instructions' I found online neglect to mention a few things.  First, you have to go into Central Admin and under 'Operations\Logging and Reporting' select 'Usage Analysis Processing'.  Enable both options here and hit 'Ok'  Next goto the 'Shared Service Provider' (SSP) for your application and under 'Office SharePoint Usage Reporting' select 'Usage Reporting' and enable both options.  Hit 'Ok'.  Now, goto you site.  Under 'Site Actions\Site Settings' select 'Site Features' (far right column). Next activate the 'Office SharePoint Server Enterprise Site features' feature.  That's it (finally!)

 

You should now be able to select 'Site usage reports' under the 'Site Settings' and actually see some data and a couple of lovely graphs.

 

This seems a bit excessive.  I mean I told it like 3 times that I wanted to see site usage data.  Why?  And apparently you have to have MOSS for this to work.  Since I could not ever get any results to show unless I enabled the MOSS-only 'Office SharePoint Server Enterprise Site features' feature.  My guess is there is another way this does (or should) work.  But this was the only way I could get it to show ANYTHING in the usage report (or even get it to show that reporting was working).

 

If anyone has some more insight into this, please send the info this way.