There is no better way to get statistics on your web server though. The amount of information and the easy way to access it is really nice. Very little code is required and you get all kinds of cool data. Example, I can see how many times users visited my home page, how many were unique, how long they stayed there, average of number of pages accessed per visit. For me number of times visited and unique visitors are my key stats. I don't care about location as 99.99999% are from 2 states. For larger locations location could be interesting. I have 1 server so 1 set of stats but several can be supported.
So if you want better status, Universal Analytics is the way to go. Highly recommended.