Analyser in Wavelab is great, but can give only static snapshots - useful for mastering, but not for tracking / mixing.
I use hardware RCF analyser, but focus is on software - Pinguin Audio Meter and PAS Spectral Analysis Pro are very good - but they all are stand-alone programs ( analysis of line input or .wav file ), can´t be inserted in master section like plug-in. Or you can install Pinguin on separate old Pentium1 with SB128 soundcard like me and have great tool for small money.
Big deal about analyser is that you see what you hear.
From ground up: if you have set of drums and bass guitar, chances are that kick and bass will fight eachother for space in the mix - so use analyser and see which kick and bass frequencies are overlapping, look at the peaks - you can tune kick lower or change bass pick-up setup - big belly on analyser is region where all RMS power is concentrated - when you have peaks separated, it will sound good.
When miking instruments, experiment with mic positions and look how they reflects on frequency response.
Eq and analyser works together perfectly - say, you have some ringing in snare track - ringing ( resonance ) is frequency which last ( ring ) longest - last peak after snare hit - you can target it with precision of 5 Hz without cutting rest of spectrum.
Analyser is most important tool in mastering - you can have peak at 15 Hz which will kill club subwoofer - you can´t hear it on nearfields, but you can see it on analyser. Something can sound good on your system, but it lacks " fullness " - you will find hole at 40-80 Hz.
Listen to lot of pro mastered CDs and look at their frequency response.
Now try to equalize your mix to " look" and sound like this ( using analyser ).
You will find that some tracs in mix need slightly different eq to sit in the mix.
Again and again.
This way you learn to use eq in proper places, no matter which monitors you are using.
excuse my english