A post on the Google Analytics blog informed all that Google was going to change the information that it reports in the referring URL when search results are clicked. From their example of the new referring URL they gave a string, which when it is laid out and the ampersands removed, contains like this.
There is no definitive source for the meanings of all of some of these parameters, speculation at best on many of them: http://www.google.com/url? sa=t source=web ct=res cd=7 url=http%3A%2F%2Fwww.example.com%2Fmypage.htm&ei=0SjdSa-1N5O8M_qW8dQN & rct=j q=flowers usg=AFQjCNHJXSUh7Vw7oubPaO3tZOzz-F-u_w & sig2=X8uCFh6IoPtnwmvGMULQfw
However the parameter “cd=7” looks like it’s the part that tells you that the click came when you ranked number 7 for that particular search term.
You’ll be able to filter a particular search term and then see your site position in the search results, which can be done over time. It will give you a good indication of the rank and the resultant traffic. It wont appear automatically in your analytics – you have to set up a filer for those results.