Somill Hwang of Bite has written a great post on the value and true nature of AR.
It's called Analyst Relations - the "other" relations and includes truisms such as:
"It's tough enough to explain PR to my relatives...I don't even bother mentioning AR to my friends and family"
"Instead of driving sales via BusinessWeek covers, AR focuses on raising a company's profile during those closed-door moments when customers ask analysts where they should put their money."
It's a back to basics post on what AR should be about. Well worth checking out.