Google announced a new way to quickly and easily add a form of "conversion tracking" within Google Analytics for your AdWords campaigns named Smart Goals. Smart Goals basically automates the process of setting up conversion metrics for your AdWords campaigns.
Smart Goals are configured at the view level. Smart Goals uses machine learning to examine dozens of signals about your website visits to determine which of those are most likely to result in a conversion. Each visit is assigned a score, with the "best" visits being translated into Smart Goals. Some examples of the signals included in the Smart Goals model are Session duration, Pages per session, Location, Device and Browser. (Remarketing Smart Lists use a similar machine learning model to identify your best users.)
To determine the best visits, Smart Goals establishes a threshold by selecting approximately the top 5% of the traffic to your site coming from AdWords. Once that threshold is set, Smart Goals applies it to all your website visits, including traffic from channels other than AdWords. After enabling Smart Goals in Google Analytics, they can be imported into AdWords.
To activate Smart Goals in Google Analytics, go to the Admin section of your Google Analytics account, click Goals (under the View heading) and select Smart Goals.
Here is a picture of them in Google Analytics:
You can learn a lot more in this help document.
Forum discussion at Google+.