Andy Skelton had just recently release its new Automattic Stats plugin for self-hosted Wordpress users. What it does is letting self-hosted Wordpress bloggers to use the same exact traffic metric system as provided to those users at Wordpress.com.
Basically, it tracks post and page views, referrers, search terms, and clicks on your external links. It won’t take long to install especially if you already have a Wordpress blog and a Wordpress.com API key. Best of all it’s totally free.
Since this plugin is actually a part of Wordpress family it self, I would say it’s worth checking.
For more info on how it works and implementation, visit Andy’s blog.
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