Excellent question.
I don't believe you will receive a hit count for all from the same IP, which is a bit unfair if you consider that 200 clients from a business using a proxy internet server may all be looking at your site during the same day. You also need to take into account that visits from the same IP will also not count as "new visits" in New vs Returning so you won't know if you are generating new hits. You may also want to consider how accurate you want your log to be, since that is the point of Google Analytics. The other information you may gain can really help you dial in potential viewers. A prime example of this is in the content drilldown and exit pages data.