Yes, there are both paid (Omniture’s SiteCatalyst) and free (Google Analytics) website tracking solutions. Both are extremely robust and have advantages and I find myself working in Google Analytics 99% of the time. The primary reason being that GA is free. I always remember two things when someone says that.
1) It’s only free if you don’t value your time.
2) You get what you pay for.

I like to compare free analytics to a free private jet. While it is great to have, it’s never “free”. You need to have a pilot at the helm, mechanics to maintain & upgrade, fuel in the tank and an actual reason to use it. If it sits in a hangar, what’s the point?

It is extremely important to have tracking on your site & media. Without it, you have no idea how users interact with your brand. I use GA from soup to nuts; customizing JavaScript, structure implementation, establish best practices and more. But don’t fall into the “free” trap. Recognize that there are always costs, and they are worth it to get the best results possible.