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I'd recommend AWStats. It's what I use for my clients (and my own) stats analysis. It needs some fiddling to set up, as it's designed to work with Apache, but you can get it to work with IIS.
It's free, released under the GPL license. If you're after an out-of-the-box solution, I would NOT recommend this, but if you want good stats analysis and are willing to spend an hour getting to grips with it and fiddling with IIS & Perl, you'll be onto a winner.