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If you read through their tracking methods, it roughly consists of where people with the Alexa toolbars surf to, and then some kinda analysis on some internet hotspot hops.
They admit that they have more Korean surfers with their toolbar, and because of this alot of korean and other Asian sites are skewed up and US sites and English sites are skewed down.
It's good for a pretty rough idea, I would take their ranking for a typical site in the top 5000 + or - 2000 ranking points, but the sites in the top 1000 that aren't asian are pretty busy sites, sites in the neighborhood of 500-1000 typically have about 250k uniques a day.
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