Yes, the raw logs are processed on daily basis and detailed graphical reports and statistics are generated. You do not need to install any extra software or download the logs or configure any special software to make these reports. They are already available in your account. However many clients prefer to use Google Analytics which is a free service by Google.
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Do you provide raw web logs?
Yes, you can download raw www (apache) logs and use any of your favourite logs crunching software...