Of course, WebTrends and others have had this functionality for years now, and have much deeper customization options...but I am biased.
A couple of notes on GA's event tracking:
- Bounce rates will change. They are treating events as additional "requests", so if you have a single-page visit with an event triggered (automatically or through interaction), it's no longer considered a single-page visit.
- There are limits to how many events they will count. This is a free service afterall, but they note that in addition to the other report limits within GA, there is a limit to the number of requests per visit they will include in the reports. Watch how you implement events!