I discovered IBM Page Detailer, a tool to analyze web traffic between a client and a server in a graphical format, while listening to the brilliant Steve Sounder’s lecture on “Even Faster Web Sites” from the Google I/O 2008 conference. And credit goes to Ray for posting the list of videos from the Google I/O conference.
Am still playing around with this tool, but it looks like there is a lot of potential here. Rather than acting as a proxy, like most of the HTTP analyzers do, this tool actually places a probe in the clients network stack. And not to mention that it is free to use :).