Godlikelotus... actually, I thought is was a great question! Was waiting around myself hoping one of these gurus had used it before. My biggest problem is that I use WebTrends v5.5 and get Googlebot, IP 216's and 64's all over the place, yet would love to know if there was a single software offering that could monitor everything (including multiple virtual domains). I guess we'll see...
Both do what it says on the tin really (english expression). Googletrax requires a cgi server side include which isnt a problem if your server can run .htaccess for non .shtml pages. Googlestats is a little limited as it can only easily be implemeted in php pages, you can however include it by using an iframe on a normal .html page.
Googlestats has going for it the fact that it doesnt just track googlebot visits but also other major bots such as slurp, scooter etc.
Googletrax is real easy to implement and for googlebot tracking is probably or you will need. Googletrax is however being expanded for other robots as we speak.
It's horses for course really. Both do the job they are supposed to do. Many won't see a need but they are particularly useful for seo's who want to know if there is still time to tweak a site before googlebot maincrawl (216)comes along.
[edited by: webby2001 at 4:45 pm (utc) on Mar. 5, 2003]