[cma]

From what I heard, the end user agreement for Analytics says it won't affect rank.

[gojomo]

I can't find any such term. It's definitely not in the 'Google Analytics Terms of Service':

http://www.google.com/analytics/tos.html

The 'privacy' link from Analytics leads back to the general privacy pages, and their overall privacy policy says Google may use any information they have (from logs, cookies, etc.) to "[p]rovide, maintain, protect, and improve our services (including advertising services) and develop new services".