According to the Analytics Help Centre, there isn't a limit.
Quote:
How many websites can I analyze with Google Analytics?
Google Analytics will track as many websites as you own! You're limited only by the 5 million pageview limit per month - but even that is removed if you're also an active AdWords user. We've provided multiple profiles in your account, so you can view individual reports for specific domains or subdomains. To learn how to start tracking a new site, please read How do I add a profile?
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http://www.google.com/support/analyt...812&topic=7144