To begin with the most general definition of usage data, we would like
to be able to know:
Following the human subjects de-identification method: we must obscure the IP addresses of users in some way. A simple cryptographic hash function may be a sufficiently acceptable measure. It would prevent direct access to the access history of a single individual, but unless we increase the entropy of the rest of the available data, there are some cases in which security can be breached and user identity can be established by an attacker.
With respect to this concern (and generally with respect to the need to obtain and represent consistent user identities using IP addresses):
may want to suggest a periodic change of deidentification hash function. This may be in order in any case.
This is a more tenable security model for release of readership data to the public (or researchers).
Simply removing consistent references to individuals precludes the afformentioned pattern matching attack. It also prevents every analysis which attempts to link access patterns across pages by identifying individuals.
One could still use the link topology of the pages to look at the relationship between changes in the access stream of a given page and the access rate of the pages linked to it, or linked to pages which link to it (etc.). This might be quite interesting. However, we won't be able to talk about individuals, and it will be impossible to look at the behavior of various classes of users.
Furthermore, just having this data is preferable to no data. Security is relatively tight. By disaggregating the access histories of individual pages, it prevents every attack I can think of which could be used to trace individual behavior. (Correct me if I'm wrong/if you can think of something which would still be open).