Microsoft Azure Storage Analytics generates logs to trace requests, analyze usage trends. Storage Analytics logs contain detailed information for authenticated requests and successful anonymous requests to a storage service. Logs are stored in block blobs in a container named $logs which is automatically created when you enable analytics on a given storage account.
It is very useful to enable Storage analytics to diagnose issues with storage accounts.
Storage Analytics http://msdn.microsoft.com/en-us/library/windowsazure/hh343270.aspx
Storage Analytics Billing: http://msdn.microsoft.com/en-us/library/windowsazure/hh360997.aspx
Storage Analytics Log Format: http://msdn.microsoft.com/en-us/library/windowsazure/hh343259.aspx
Azure Storage Explorer(Preview 5.1) http://azurestorageexplorer.codeplex.com/releases/view/89713
Storage Analytics Logging - How to Enable and Where to Find the logs. http://blogs.msdn.com/b/cie/archive/2013/10/10/storage-analytics-logging-how-to-enable-and-where-to-find-the-logs.aspx This link has the attachment for the Analytics.xlsx file referenced in the demo.