I'm with @requinix -- Webalizer is pretty much a dead product.
I believe that AWStats is the defacto standard FOSS web log reporting tool, being that it is typically bundled with CPanel. It's probably the closest thing to what Webalizer was, only it continues to be maintained and enhanced. It's a package of perl scripts, and is highly portable, as it mainly requires perl, and has documentation for installation, and in your case, has a windows installer.
There are many log analysis systems that go far beyond the web, and for that reason, are often used instead of AWStats, and of course a lot of people just use google analytics or commercial alternatives. Most large commercial websites use multiple services to provide different types of analysis, including bug logging, which is not something traditional web analytics products try to track or categorize.
With that said, there are numerous alternatives to awstats you might want to investigate. GoAccess is one that I'd recommend looking into.
It also has to be said, that these products go through your http logs, and as the old saying goes, are subject to the possibility of GIGO (garbage in/garbage out), by which I mean, that they work with the data available to them in the http logs. In many cases, the default settings for apache or IIS are not sufficient to support accurate or enhanced reporting, depending on your environment. Often you need to modify the log format (as in for example, using enhanced log format) and/or creating a custom log format, that bakes in data specific to your system like specific cookies or non-default client IP settings. That's up to you, as well as automating ingestion of log files, or movement of log files from another server to an intranet or your workstation.