Here are some traffic stats for a local business. It would be helpful to get similar types of stats from others that oversee other local entities.
I've been working on optimizing for 3 years. The business is regional, with several regional competitors and competes for phrases on both a local and national basis.
total traffic--about 200,000 visits in '06
total SE traffic--about 37,000 visits
SE traffic breakdown
A little more than 3/4 of traffic is either direct or the log analysis provides as "no referror"
After No referror, Direct and the 3 largest engines the next largest traffic provider is craigslist.
Slightly more than 2600 "conversions" which are contacts. Significantly more directly through the phone, whose original source is the web--but they call rather than send contact information.
Estimates of make up of SE traffic via monthly reviews:
1/3 of monthly SE traffic are for generic industry terms without relevant geo descriptions
1/3 are long tail terms combining both logical geo descriptions and logical business terms.
Any other stats from other webmasters?