  We study parameter estimation with post-Newtonian (PN) gravitational
waveforms for the quasi-circular, adiabatic inspiral of spinning binary compact
objects. The performance of amplitude-corrected waveforms is compared with that
of the more commonly used restricted waveforms, in Advanced LIGO and EGO. With
restricted waveforms, the properties of the source can only be extracted from
the phasing. For amplitude-corrected waveforms, the spectrum encodes a wealth
of additional information, which leads to dramatic improvements in parameter
estimation. At distances of $\sim 100$ Mpc, the full PN waveforms allow for
high-accuracy parameter extraction for total mass up to several hundred solar
masses, while with the restricted ones the errors are steep functions of mass,
and accurate parameter estimation is only possible for relatively light stellar
mass binaries. At the low-mass end, the inclusion of amplitude corrections
reduces the error on the time of coalescence by an order of magnitude in
Advanced LIGO and a factor of 5 in EGO compared to the restricted waveforms; at
higher masses these differences are much larger. The individual component
masses, which are very poorly determined with restricted waveforms, become
measurable with high accuracy if amplitude-corrected waveforms are used, with
errors as low as a few percent in Advanced LIGO and a few tenths of a percent
in EGO. The usual spin-orbit parameter $\beta$ is also poorly determined with
restricted waveforms (except for low-mass systems in EGO), but the full
waveforms give errors that are small compared to the largest possible value
consistent with the Kerr bound. This suggests a way of finding out if one or
both of the component objects violate this bound. We also briefly discuss the
effect of amplitude corrections on parameter estimation in Initial LIGO.
