I've been involved with this since the Alpha test.
It has the potential to be amazing, it's completely in line with the announcement of Enhanced Campaigns, it's all about tracking users, not devices. Online and Offline. Loyalty Cards, Point Of Sale in store, all of this stuff should find it's way into Analytics and they also provide multi-attribution modelling as standard, which was only in the Premium $150k version.
You need to understand how to build in the data layer, but it makes certain things a lot easier.
As it is a beta, some things I don't like about it.
No Doubleclick tracking (useful for retargeting via analytics), no split testing, no adsense tracking.
But I am sure those and a lot more will come.
Somebody set up an appliance being switched on and off, and monitoring the weather, so if you can think it, then chances are Universal Analytics can measure it.
http://www.elisa-dbi.co.uk/blog/tracking-wemo-switch-motion-google-universal-analytics/http://www.elisa-dbi.co.uk/blog/using-universal-analytics-to-segment-by-weather/