It may not be useful if you're not getting any traffic but if you have even a moderate amount of traffic it will provide some very valuable information. Off the top of my head you can get a quick glimpse of how many pages Google is crawling per day, what searches you r pages showed up in, the top serches that reuslted in someone going to your site. It also provides a lot of diagnostic tools, I've caught more than few things that needed fixing through there.
“Results! Why, man, I have gotten a lot of results! I have found several thousand things that won’t work.”
Attributed - Thomas Edison