Artashes: I really doubt it. Alexa states that if the same user refreshes the same page on a site (his own site) multiple times in the same day, that only counts as 1 page view. BUT if I were to visit different pages, it won't count as just 1 page view. Let's say someone has a site like mine and wants to artificially inflate the alexa ranking to try and sell the site for a good price. My site has at least 3500 pages. If I were to sit down and browse through all those pages, I'd get that many page views and increase my Alexa ranking. Granted it would take a lot of time for me to do this, I could do it. My ranking therefore would not accurately predict how much traffic i ACTUALLY get.
alexa depends on who's actually using that particular toolbar does it not? not all sites are "indexed" so to speak with alexa and it's not an accurate measure of what your site may be doing..traffic sucks ya know lol..or at least measuring it.