Wireshark is the world's foremost network protocol analyzer, and is the de facto standard across many industries and educational institutions.

Deep inspection of hundreds of protocols, with more being added all the time
Live capture and offline analysis
Standard three-pane packet browser
Multi-platform: Runs on Windows, Linux, OS X, Solaris, FreeBSD, NetBSD, and many others
Captured network data can be browsed via a GUI, or via the TTY-mode TShark utility
The most powerful display filters in the industry
Rich VoIP analysis
Read/write many different capture file formats
Capture files compressed with gzip can be decompressed on the fly
Live data can be read from Ethernet, IEEE 802.11, PPP/HDLC, ATM, Bluetooth, USB, Token Ring, Frame Relay, FDDI, and others (depending on your platfrom)
Decryption support for many protocols, including IPsec, ISAKMP, Kerberos, SNMPv3, SSL/TLS, WEP, and WPA/WPA2