I used LLOOGG for a couple of months in the past. It's a nice tool but I wouldn't say this can be a replacement for Google Analytics or some traditional analytics tool.

The most important LLOOGG feature is the ability to show you real time data. That means, you can have a quick overview of your site. For example, you can start a Google AdWords campaign and get immediate feedback about how many hits are coming from your campaign. Google AdWords provides almost the same information with 1 hour delay, likewise Google Analytics requires at least 3 hours before starting to show you some information.

The reason why I wouldn't use LLOOGG as an alternative is because it lacks most of the interesting analytics information that Google Analytics or other traditional tools could provide.

Talking about performances, LLOOGG was shut down in the past due to some technical problems and project unsustainability. Salvatore, LLOOGG creator, is now working on a new fast and scalable database called Redis and he already started to port LLOOGG from MySQL to Redis in order to provide a more reliable service. Here's a small update I found in the Redis ML.