I finally found the issue by using another 2010 Farm I had access to.
On the working farm it looks just like described in Introducing Web Analytics in Share Point 2010 on the ECM Team Blog.
Feature Usage by Edition – shows the usage of feature licenses per Share Point edition (Foundation, Standard or Enterprise).
To see a complete report, define the number of available feature licenses using License Management.
I recycled the web analytics application pool in IIS, and restarted the web analytics service which did not help.
Now when I verified the Now what I figured out is that, although you change the existing quota template, it does not reflect in the existing site collections.
Content and Usage Reports provide a quick overview of your farm storage and content usage, features usage and activations and Share Point structure.
Content Overview – graphical overview of your farm metrics.
The new reports were announced in a blog posted by the Office 365 Team.The new Share Point activity report provides details about how individuals are using Share Point Online team sites to store and collaborate on files, enabling visibility on which users are active on Share Point and engage with files stored within team sites and which users sync documents back to their local machine and if they share documents internally or externally.In the future, Microsoft says it will update the report to reflect additional actions that users can perform in Share Point, such as page visits to complement the Share Point Online team site usage report that provides details per team site.I could view the reports in Central Administration.However the link Site Collection Web Analytics Reports was no where to be found in my Site Settings on my upgrade site collections.