As of May 29, 09 advanced segments remains in beta testing.
Advanced custom segments allow you to create a clear graphic comparison to gauge visitor engagement quality. It is easy to create Advanced segments on the fly.
Start by clicking on the advanced segments menu in the upper right hand corner of the screen.

Then navigate to create a new advanced segment. You can also use Default segments but in this case I want to see how my local visitors are interacting with my website. Since we have a website that invests a lot in local advertising it would be helpful to know how our local audience is responding. We are an internet marketing company based in Toronto, Ontario Canada. Let's create an advanced segment that will let us compare (Ontario) local traffic with over-all traffic.

Advanced segments can be created in seconds by dragging and dropping metrics and dimensions of your choosing.

When you are done name your segment as shown above. This segment is now saved in your profile and can be applied to other websites you may add to Google Analytics. You can create up to 50 profiles with your free Google Analytics account.

Now, when you return back to your dashboard you can apply the advanced segment against total site visits to see how much of your over-all website traffic is from local geo targets.
The Final Advanced Segment Report
At a quick glance we can see Ontario traffic is almost 50% of the total traffic visiting the site. Local traffic is more engaged with the site using bounce and time on site as a gauge.
How to Edit Advanced Segment Reports

Under the settings in the side navigation menu provides control over Advanced Segments and Email Administration. This is where you can edit, copy, delete or apply to advanced segmented reports.
NOTE: Advanced segmentation does look at historical data whereas filters do. In the past filters and profiles were the only option.
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