The plugin is great, esp. for MU. However, it doesn't currently offer any option to "track administrators" or completely remove the GA code from the site when administrators are logged in forcing all websites with the script to be influenced by the visits of admins.
We built a workaround that we push out on our themes now, but it would be nice to see something more integrated into the functionality of this plugin, rather then hacking around it.
You can see our mod here:
Let me know if you guys come up with anything.