Android - Is there a real time wifi traffic analyzer for Android?

Isn't really an answer, but...

There is WiFi Analyzer which shows more information on the wireless networks your device can reach. It gives you more detail than the average user would require.

As far as I know, there is no application available on Android (yet?) that can "sniff packets".

Would be an interesting application to have in the pocket.

There is an app called 3G WatchDog.
It can monitor 3G data transfer and Wi-Fi traffic. A pretty neat application.

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You can view, sniff, and save actual network packets, however this requires root access.

Shark for Root app does this.