I have spent some time using gp-pari. There is, of course, a formal power series solution to $ f(f(x)) = \sin x.$ It is displayed, below, identified by the symbol $g$ because I am not entirely sure whether it is a function of anything. On the other hand, should the coefficients continue to (by and large) decrease, this suggests a nonzero radius of convergence. If the radius of convergence is nonzero, then inside that, not only is a function defined and, you know, analytic, but the functional equation is satisfied. Indeed, all that is necessary is radius of convergence strictly larger than $\frac{\pi}{2}$ owing to certain symmetries. For instance, given my polynomial $g,$ it seems we have $g=1$ at about $x \approx 1.14.$ Then we seem to have a local maximum at $x =\frac{\pi}{2},$ and apparently there $g \approx 1.14,$ strictly larger than 1 which is an important point. So everything would fall into place with large enough nonzero radius of convergence.
$$ \begin{array}{lll} g & = & x - \frac{x^3 }{ 12} - \frac{x^5 }{ 160} - \frac{53 x^7 }{ 40320} - \frac{23 x^9 }{71680} - \frac{92713 x^{11}}{1277337600} - \\ & & \\ & & \frac{742031 x^{13} }{79705866240} + \frac{594673187 x^{15} }{167382319104000} + \frac{329366540401 x^{17} }{91055981592576000} + \\ & & \\ & & \frac{104491760828591 x^{19} }{62282291409321984000} + \frac{1508486324285153 x^{21} }{4024394214140805120000} + \cdots \end{array} $$
Note that the polynomial $g$ is smaller than $x$ but larger that $\sin x,$ for, say, $0 < x \leq \frac{\pi}{2}.$
So, that is the question, does the formal power series beginning with $g$ converge anywhere other than $x = 0$?
EDIT: note that the terms after the initial $x$ itself have all turned out to be $$ \frac{a_{2 k + 3} x^{2 k + 3} }{2^k ( 2 k + 4)!} $$ where each $a_{2 k + 3}$ is an integer. This much seems provable, although I have not tried yet.
EDIT, Friday 12 November. It now seems really unlikely that this particular problem gives an analytic answer. I suspect that the answer is $C^\infty$ and piecewise analytic, with failure of analyticity at only the points "parabolic" where the derivative has absolute value as large as 1, those points being $0,\pi, 2 \pi, \ldots.$ However, we need the anchor point at the fixpoint 0, otherwise how to begin? And I do think the power series will serve as an asyptotic expansion around 0.
Given the problem with the size of the derivative, now I am hoping for great things, and an obviously periodic and analytic solution, to the easier variant $f(f(x)) = g(x) = (1/2) \sin x.$ I would like both a nice power series and a nice answer by methods summing iterates $ g^{[k]}(x),$ which for the moment is an entirely mysterious method to me, but attractive for periodic target functions as periodicity would be automatic.

