FunnelWeb is free, commercial quality and hugely customisable and runs native on Mac OSX. I find its reports to be much more accurate than Webalizer, Analog, or AWstats - but a litttle less accurate than Urchin (v5 on the server - so I guess not OSX native).
Google Analytics, and similar programs make me a little nervous - I prefer to have my stats to myself and not on someone elses computer (locally or on a server), who knows how someone else will handle your data.
All-in-all I've found that one should take any specific stat application w/ a grain of salt (the size of the grain is in direct proportion to the quality of the app.) and focus more on the aggregate of the various statistics.
For native Mac OSX apps - FunnelWeb is quite nice, can be very detailed, and if you need to present your stats, they really do look professional. I'm amazed its free.
All my mumbling aside: are there tips / suggestions for cultivating some home-grown tools? How have the hand crafted stats compared to other stat apps?