its not accurate, but I use it a lot when I am setting up trades, it happens a lot when someone asks for a 200/hour force when they have a alexa rank of 1 million.... in these cases I try to keep an eye on the trade and most of the times they don't even send 10 hits per hour (some cases they just started up and they are feeding traffic, thats all good)
something that really messes up alexa ranking is galleries. some gallerysubmitter may have a fucking high rank because of all the galleries on his domain while his mainpage, sometimes a tgp, has no traffic at all
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