I've been playing around with measuring the cyclomatic complexity of a big code base.
Cyclomatic complexity is the number of linearly independent paths through a program's source code and there are lots of free tools for your language of choice.
The results are interesting but not surprising. That is, the parts I know to be the hairiest were in fact the most complex (with a rating of > 50). But what I am finding useful is that a concrete "badness" number is assigned to each method as something I can point to when deciding where to start refactoring.
Do you use cyclomatic complexity? What's the most complex bit of code you found?
We refactor mercilessly, and use Cyclomatic complexity as one of the metrics that gets code on our 'hit list'. 1-6 we don't flag for complexity (although it could get questioned for other reasons), 7-9 is questionable, and any method over 10 is assumed to be bad unless proven otherwise.
The worst we've seen was 87 from a monstrous if-else-if chain in some legacy code we had to take over.