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Yea Alexa is pretty crappy, for accurately gauging the worth of a website. Until your in the top 1 or 2 thousand id say, the numbers arent anywhere near accurate. The higher your page rank, the less accurate i think it will be. On a little junk/testing domain i have the rank was at around 900,000 after just hitting it once for a few days, with the toolbar.
If you have google analytics, its interesting (and very telling) to compare the differences in the traffic reporting.
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