
PRAAT is a very flexible tool for speech analysis. It offers a wide range of standard and non-standard procedures including spectrographic analysis, articulatory synthesis, and neural networks. There is simply no better package for linguists to use in analyzing speech.
For best results with phonetic characters in the TextGrid and Picture windows, you should also consider installing the Charis SIL and/or the Doulos SIL fonts.
Much of the "official" documentation is not designed to help linguists (who may not have a strong phonetics background) get the measurements and make the changes that they need for research. Thus, be sure to also look at the regularly-updated guidebook, Using Praat for Linguistic Research by Will Styler.