Analyzing a competitor's web site may seem like a big job. You should have the mindset that you are going to do this as a learning experience though. This will help you along your way when you may feel like giving up.
Before you even begin to analyze a competitor's web site you should make sure that you are equipped to do the job. If you do this job properly you can gain a lot of information that will help you to increase your site's traffic and popularity. These sites can also help you to analyze your own market. After all, if a web site is getting a lot of hits then it must be doing something right. If you take time to see where it is ranked, what key words are being used, how the site is formatted, and what you can do to make your site better while not violating any copyright laws then you will be well on your way to success.