Can you support Google Analytics' ability to exlude "internal" traffic (i.e. collaborators, authors, and others who use the web site routinely)? This would go beyond not tracking use of the WP dashboard; the admin, authors, etc. would not be tracked anywhere on the site.
The rational is simple: Any good webmaster is going to visit the website frequently to proofread new posts, test updates, see if anything broke with that last theme tweak, etc. And developers working on new features will be visiting certain pages over and over again during the testing process, possibly creating an artificial traffic spike.
GA supports two methods (see http://www.google.com/support/analytics/bin/answer.py?hl=en&answer=55481): filtering by IP range, and filtering out visitors with a custom cookie. Though I use cookie filtering, both could easily be supported by your plugin.
Using cookies (scroll down to "To exclude traffic by Cookie Content"), you could allow the admin to set a custom value for the cookie (e.g. "do_not_track"). Admins and users to the Dashboard would get the cookie automatically by including
Bonus points: Allow the admin to select users not to track (either by role--admin, moderate, etc.) or, even better, by a combination of role and individual user. (Would you store the info, for example, in a custom field hidden in each user profile?) Then, insert the code in every page of the site when the user is logged in, and the next time they log in (or visit with their session already stored via cookie) they would begin being excluded from GA traffic reports.