The Search Analytics report will ultimately replace the Search Queries report in about three-months when Google removes the Search Queries report from the feature from the tool. Search Analytics does pretty much everything the Search Queries report did plus gives you a lot more data and filtering options. Google has been working on it for a long long time, opening up an alpha test to webmasters back January and then webmasters being approved for that test in February, with another roll out in mid-April.
We documented most of the report screen shots over here.
Google said, “the new Search Analytics report enables you to break down your site’s search data and filter it in many different ways in order to analyze it more precisely.”
They added, “there are some differences between Search Analytics and Search Queries.” They explained the data is more accurate and calculated differently. Google set up a help document to explain the difference.
You can now access the tool within Google Webmaster Tools over here.