Been trapped under a large project for the whole week, so I didn't even BEGIN this until last night, but I got a great deal out of the process.
I realize that many of my fellow students are likely working on much more complex projects, but doing the competitive analysis on an upcoming piece of client work--promotional activities (web, social media, video, etc.) for a book release--was incredibly valuable. It made me ask questions that I hadn't considered, look at components that we had made assumptions about, and change at least one of my previous recommendations for the website (about which URL would be used to promote the book).
What a great tool!