One of the powerful features of Google analytics is the introduction of new automatic retargeting lists (look here).
However, the introduction of Universal Analytics brings more new features.
In Universal Analytics, it is possible to exclude search terms or to edit the organic search providers.
You may find the supporting article from Google here or here.
Both features are available only for properties using Universal Analytics.
However, it does not work in the same way as negative keywords in AdWords accounts. Its function is:
You can exclude specific search terms from being identified in your Analytics account. When users find your site using an excluded term, that traffic isn’t included as search traffic in your reports. Instead, it’s counted as direct traffic. You might, for example, want to exclude your own company name or your domain as search terms. Any traffic that finds your site by searching either of these terms then appears as direct traffic in your reports.
With regard to the second feature – the management of search providers:
It is possible to add, delete, and reorder the list of recognized search engines to modify how organic search traffic is attributed in your account and how the data appears in your reports.
How it might help the analysis?
Analytics attributes incoming traffic to one source. Organic search traffic is assigned to the first search engine on your list that matches the domain name and query parameter of the incoming user.
For example, if you list google.com first and images.google.com second (and both sites use the same query parameter, like q), all searches that happen on images.google.com are attributed to google.com. To change this attribution, you can reorder these search engines in the list to prioritize how sessions are attributed. In this example, you could list images.google.com before google.com so searches are properly attributed.
Especially the second feature might be handy in case that you need to deeper analyze the traffic sources.